French MP Sarah Knafo has issued a bold attack to the European Parliament, urging its entire parliament to accept Bitcoin and launch national strategic reserves as well as to put an end to plans for a central bank digital euro (CBDC).
On Dec. 17, Knafo asked European countries to invest in Bitcoin and help foster the crypto mining industry and to reduce the tax burden on others who own cryptocurrencies. On her X (formerly Twitter) Twitter account, her message framed Bitcoin as a key means for financial freedom and resilience in times of economic uncertainty.
Bet on Bitcoin, Build Strategic Reserves
It’s time to bet on freedom. Knafo’s impassioned speech in the Knesset was that it’s time our state bet on Bitcoin, build national strategic reserves and develop the mining industry ‘It’s time our states bet on Bitcoin and build national strategic reserves and help develop the mining industry.’
‘Making people dependent on the ECB and dependent on this centralized system will lead to an erosion of their financial autonomy,’ Knafo sharply criticized the European Central Bank’s (ECB) proposed digital euro.
She opposed the digital euro plan in part because it would blog, centered on control over people’s finances, and gave more power to the ECB.
“We do not want this dystopian world where a European bureaucrat will be able to prohibit certain transactions and even eliminate us from the banking system with a click for a simple comment made on social media or for stating an opinion that disagrees with them.”
Sarah Knafo, Member of the European Parliament
Global examples underscored the rising trend of decentralized finance, Knafo said. El Salvador’s pioneering move to become the first country to declare Bitcoin as legal tender and former U.S. President Donald Trump’s commitment to creating a strategic Bitcoin reserve were noted as strides made by the United States, she said.
Knafo said: ‘The whole world is now getting ready to exploit this decentralised finance revolution.’ At a time when Bitcoin crossed $100,000 and U.S. Federal Reserve Chair Jerome Powell compared the cryptocurrency to digital gold, she cited recent milestones.
Knafo also faulted the EU’s dependence on the traditional financial system, which she said is prone to inflation and fiscal mismanagement. She accused the bloc of not adapting to a changing financial landscape and wasting public funds.
Knafo said it was time for a paradigm shift. I believe it is time to protect our people from the inflation and bad choice of economics for our states.”
It’s part of a larger global trend around strategic Bitcoin reserves, says Knafo. On Dec. 16, Donald Trump pledged to make the U.S. a “crypto capital” by Bitcoin Reserves. Other states, such as Texas, Alabama, and Pennsylvania, also have laws making efforts to set up Bitcoin reserves.
Other nations are looking at similar measures beyond the U.S. Lawmakers in Japan and Russia have pushed for national Bitcoin reserves as a means to prop up financial stability, while protecting fiat currency with digital currencies was the subject of a bill from Brazilian legislators that would allocate $18.5 billion of the country’s reserves into Bitcoin.
Knafo’s challenge to the EU’s current path is to create the vision of decentralized solutions over centralized control. If Europe is to bet on Bitcoin, the continent can be a leader in the financial revolution, giving it more control over its economy and protecting its people from economic vulnerabilities, argues Knafo.
Bitcoin’s widespread recognition as a fiduciary asset was the call to action felt by such leaders across the world, where global leaders are now adopting Bitcoin as a strategic asset, which could signal a turning point on the use of bitcoins in the EU’s financial strategy.
