EU Parliament Member Advocates for Bitcoin Reserves Over Digital Euro

In a recent speech that has sparked significant conversation, French Parliament Member Sarah Knafo has called for a bold new direction in European financial policy. Urging her fellow legislators to embrace the future of finance, she advocated for the establishment of national strategic Bitcoin reserves while firmly opposing the European Central Bank's digital euro (CBDC) initiative.

Knafo made her stance clear in a video posted on her X account on December 17, where she addressed the parliament with fervor. She argued that it's time for European states to take a leap towards financial freedom by investing in Bitcoin. Her speech emphasized the need to develop the crypto mining industry and criticized the current punitive tax policies on cryptocurrency holders.

"Betting on Bitcoin," she stated, "is betting on freedom." Knafo is not just advocating for a shift in how wealth is stored; she's pushing for a cultural and economic transformation. She pointed out the potential dangers of a centralized digital euro, suggesting it could lead to a dystopian scenario where individual freedoms are curtailed at the discretion of a bureaucrat.

Knafo's reference to El Salvador's pioneering adoption of Bitcoin in 2021 and Donald Trump's recent declarations about establishing a strategic Bitcoin reserve in the U.S. served as rallying points. She highlighted how these actions signal a global shift towards decentralized finance. "Bitcoin is exploding," she exclaimed, noting Bitcoin's historic surge past the $100,000 mark and comments by Jerome Powell comparing Bitcoin to digital gold.

She didn't mince words when criticizing the EU's adherence to traditional finance systems, which she described as vulnerable to inflation and economic mismanagement. According to Knafo, the EU is essentially squandering its financial potential by not recognizing Bitcoin's value as a stable store of wealth. She called for a protective measure against inflation and poor economic decisions, advocating for a paradigm shift in how European nations manage their financial reserves.

A Global Movement Towards Bitcoin Reserves

The momentum for Bitcoin reserves isn't just a European or American phenomenon. Globally, countries are beginning to see the value in this approach. Just the day before Knafo's speech, Donald Trump reiterated his commitment to making America the "crypto capital" by establishing a strategic Bitcoin reserve. Meanwhile, states within the U.S. like Texas, Alabama, and Pennsylvania are moving forward with their own Bitcoin reserve legislation.

Further afield, lawmakers in Japan and Russia have similarly urged their governments to consider Bitcoin reserves as a safeguard for national funds. In Brazil, a bill was proposed on November 26 to limit the country's reserves to about $18.5 billion in Bitcoin, recognizing the cryptocurrency's potential to stabilize national finances.

Knafo's speech is a clarion call for a reevaluation of financial strategies in Europe. By pushing back against the digital euro and advocating for Bitcoin, she is not just suggesting a new way to hold wealth; she's advocating for a new way to think about economic freedom, security, and the very nature of money in a rapidly evolving digital age. Her vision is one where the EU could lead, rather than follow, in the global financial landscape, securing a future where citizens are protected from the whims of outdated financial systems.