Bitcoin (BTC) Price Gains New Wings as German Lawmaker Pushes Legal Tender Narrative

German lawmaker Joana Cotar wants the country to make Bitcoin (BTC) legal tender, a sentiment notably returning optimism to the market.

Cotar, a member of the German Bundestag, revealed her intentions to push the Bitcoin as a legal tender narrative to the Parliament. Her convictions lie in the perception that Bitcoin can help achieve a balanced regulatory environment for both companies and individuals.

Can Germany Make Bitcoin Legal Tender?

Cotar’s ideologies show she has a balanced perspective concerning her push for embracing Bitcoin. She believes the financial ecosystem needs protection from tax evaders, money launderers, and other bad actors. 

While Bitcoin, according to many critics, facilitates this nefarious activity, Cotar believes the innovative aspects of Bitcoin need preservation.

As a lone idea, Cotar is optimistic many within the German parliament will get the right education they need to lend their support to the cause. This educational push will come alive through the “Bitcoin in the Bundestag” campaign she has launched.

Cotar is also anti-digital Euro and she is favoring Bitcoin over the bloc’s Central Bank Digital Currency (CBDC) push. Her central ideology is freedom which she believes Germany can gain through Bitcoin.

This push to make Bitcoin legal tender is a wild chase considering the stance of the European Central Bank (ECB) against the systemic risks posed by private cryptocurrencies. 

However, should Germany succeed in making Bitcoin legal tender, it will set the country on the same pedestal as El Salvador and the Central African Republic which have already made similar moves.

Implications for BTC Price

This renewed Bitcoin as legal tender speculation is returning optimism to the Bitcoin market as the digital currency is gradually paring off its losses. Bitcoin has successfully narrowed down its losses from 5% earlier in the day to 0.86% at the time of writing, trading for $36,321.55. 

While the coin’s price remains below the $37,000 resistance point, we might see definitive support forming above $36,500 once the market price in the news and other important ecosystem updates regarding spot Bitcoin ETF applications properly reflect.