Bitcoin’s Prospects for a Strategic Reserve in Europe
Bitcoin is gaining newfound acceptance in Europe, marking a pivotal shift in attitudes toward the cryptocurrency. Inspired by Donald Trump’s pro-Bitcoin stance and El Salvador’s pioneering efforts, political voices in Europe are beginning to advocate for Bitcoin’s inclusion in strategic reserves.
The European Parliament’s First Pro-Bitcoin Speech
On December 16, Sarah Knafo, Euro MP and vice-president of Sovereign Nations of Europe, made history. She became the first French woman to deliver a pro-Bitcoin speech in the European Parliament.
Knafo championed a strategic Bitcoin reserve for Europe, citing El Salvador as a model and Trump’s U.S. proposal as inspiration. She also echoed Federal Reserve Chair Jerome Powell’s description of Bitcoin as “digital gold.” An US inspiration ?
Knafo’s Concerns About EU Policies
In her speech, Knafo criticized the European Union’s:
- Inflationary deficits
- Overregulation and taxation
- Plans to launch a Digital Euro, modeled after CBDCs
She argued that Bitcoin’s decentralized nature represents freedom, contrasting it with the potential autocracy of a Digital Euro controlled by the ECB.
Strategic Bitcoin Reserves In Europe: A Controversial Proposal
The idea of central banks holding Bitcoin raises questions:
- Does this contradict Bitcoin’s ethos of decentralization?
- How would central banks reconcile their control with Bitcoin’s intended independence?
Knafo’s proposal has sparked debates about whether the move is genuine foresight, political strategy, or savvy lobbying.
Political Momentum for Bitcoin
The speech gained widespread attention, amplified by Michael Saylor sharing her message on social media:
“It’s time to bet on freedom. States must invest in #Bitcoin to build strategic reserves.”
The crypto industry responded enthusiastically, with global media platforms like Cointelegraph highlighting the news.
