After the victory of Donald Trump and the work accomplished by the President of El Salvador Nayib Bukele, Bitcoin is no longer ostracized as before. What about our side of the Atlantic? Mentalities have evolved a lot in a short time, but this is the first time that the idea of a strategic Bitcoin reserve for Europe has been defended in the European Parliament.
Sarah Knafo defends the idea of a European strategic Bitcoin reserve
MEP Sarah Knafo, vice-president of the far-right group Europe of Sovereign Nations, delivered a speech particularly pro-Bitcoin in the European parliament this Monday, December 16.
This is the first time since the election of Donald Trump that this type of speech has been given in the European Parliament, moreover by a French woman. Sarah Knafo relied on the case of El Salvador which is the Bitcoin laboratory of the world, but also on Donald Trump's pro-Bitcoin positions and on his idea of creating a strategic Bitcoin reserve in the United States. The MEP also reflected on the recent statement by Jerome Powell who described Bitcoin as a real “ digital gold “.
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Sarah Knafo particularly criticizes the policies of the European Union, which she accuses of “ squandering our money on incredible mismanagement, accumulating tragically inflationary deficits, and persisting in regulating, taxing and curbing. »
Faced with a European Union which makes such bad economic and political choices, Sarah Knafo also tries to warn of the risks what could represent a Digital Euro built on the model of Central Bank Digital Currencies (MNBC). It also opposes these two visions: on the one hand the freedom of decentralization with Bitcoin, on the other the danger of the totalitarian dictatorship of the European Central Bank with a digital euro.
However, when we look at the United States, the power of dollar-backed stablecoins does not seem to be an obstacle to the adoption of Bitcoin. Donald Trump had also affirmed his support for these stablecoins during his speech at the Bitcoin Conference in Nashville, July 2024.
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Political opportunism, lobbying or true vision?
See a MEP promote a strategic Bitcoin reserve may surprise. Even before commenting on the political idea, the first reactions that we could see online focused on the sincerity of this position. A question that is legitimate when we see the echo enjoyed by Sarah Knafo, whose speech was shared by Michael Saylor:
“It's time to bet on freedom. It's time for our states to invest in #Bitcoin to build national strategic reserves.” – @Knafo_Sarahpic.twitter.com/WLrbyg4WER
— Michael Saylor⚡️ (@saylor) December 17, 2024
As soon as his speech was delivered, crypto media around the world relayed the information. Cointelegraph published an article on the subject and Michael Saylor shared it directly on X. During the election of Donald Trump, we saw crypto companies join forces to finance the candidate who would go their way. Could a similar movement emerge in Europe?
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In Europe, and not in France, because if a strategic reserve must see the light of day, with the role of fighting inflation, it will have to come and defend the euro on foreign markets. It would therefore be a control tool in the hands of… the European Central Bank. As well as our European gold stocks which are made available to Europe to defend our common currency on the markets.
Political opportunism, lobbying, trying to attract attention, publicity, voters or funding? Theories are rife, but could it be possible that the far right is really sensitive to the values of cryptocurrencies and Bitcoin? Eric Zemmour did not wait for Donald Trump's speech to display modern ideas on the subject.
He visited Ledger's offices during his 2022 campaign, and his election platform included an interesting chapter on the subject of cryptocurrencies. For example, he defended the idea of private and European euro stablecoins in opposition to an MNBC.
Wouldn't the creation of a strategic reserve of Bitcoin at the level of central banks oppose the very idea of Bitcoin? In Sarah Knafo's project, how can we reconcile the idea of taking power away from central banks with that of entrusting them with our stock of Bitcoin?
Many questions remain unanswered. In the short term, what this speech brings to the crypto camp is a spotlight, with the possibility that more and more politicians will take up the subject.
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Cryptocurrency expert, Marc-Antoine began his journey in Web 3 alongside David Prinçay (current president of Binance France) in the French Cryptocurrency Club. Since then, it is by writing articles in the best-known crypto media in France that he has spread the good word. If you've read an article about crypto, there's a good chance you've read one of his articles. NFT, Blockchain, Web 3, DeFi, there is not a sector that is foreign to it. And don't ask him what the next coin to buy is: it's a maximalist Bitcoin (yes, no one is perfect).
Marc-Antoine Caen Poletti
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