In a significant move, a member of the European Parliament has called for the establishment of a “Strategic Bitcoin Reserve” to bolster the European Union’s economic sovereignty. This proposal underscores the increasing recognition of Bitcoin as a vital financial asset in the modern economic landscape. Sarah Knafo, a well-regarded French magistrate who joined the European Parliament in June, has been vocal in her support for Bitcoin, challenging the initiative for a “digital euro,” a central bank digital currency (CBDC) being developed by the European Central Bank (ECB).
Global Examples of Bitcoin Adoption
In her compelling speech, Knafo referenced the pioneering steps taken by El Salvador’s President, who boldly invested in Bitcoin despite facing skepticism from international bodies such as the IMF and political adversaries. This strategic move has reportedly yielded impressive returns, significantly benefiting the country’s economy and providing substantial resources for its citizens.
Knafo further highlighted that the global financial landscape is rapidly evolving, with many nations preparing to leverage the advantages of decentralized finance. Notably, she mentioned the United States, where the Trump administration is reportedly considering the creation of a strategic Bitcoin reserve. Additionally, she cited U.S. Federal Reserve Chair Jerome Powell’s analogy of Bitcoin as “digital gold,” pointing to its meteoric rise in value and questioning the EU’s readiness to stay competitive.
Advocating for a Paradigm Shift
Knafo passionately argued for a fundamental shift in the European Union’s financial strategies. She criticized the EU’s current economic policies, which she believes are hampered by excessive regulation and burdensome taxes, hindering innovation and growth. By opposing the digital euro, Knafo warns against the potential for excessive bureaucratic control over financial transactions.
Instead, she advocates for embracing the liberating potential of Bitcoin. By investing in this cryptocurrency, she argues that the EU can establish national reserves that safeguard citizens from inflation and poor economic governance. She also emphasizes the importance of nurturing the cryptocurrency mining industry, particularly in France, which could capitalize on its nuclear power capabilities to drive sustainable growth.
In her closing remarks, Knafo stated, “It’s time to change the paradigm. We must protect our citizens from inflation and economic mismanagement. Reject the ECB’s controlled digital euro and instead invest in Bitcoin to build our strategic reserves. Let’s foster the mining industry to secure our future financial independence.”
