Former German minister strongly advises ECB to use crypto in reserves
(MENAFN) Christian Lindner, former German finance minister, has suggested that the European Central bank (ECB) should follow the progressive example of President-elect Donald Trump's administration by incorporating cryptocurrencies, such as Bitcoin, into its reserves. Speaking to the dpa news agency, Lindner emphasized that cryptocurrencies have played a significant role in global prosperity, and accumulating crypto assets presents a valuable opportunity that should not be overlooked. He also pointed to Trump’s pro-crypto stance, which Lindner believes should inspire both Brussels and Berlin.
Lindner claimed that the Federal Reserve might be considering adding crypto assets like Bitcoin to its reserves, though he did not provide any supporting sources for this assertion. This follows comments by Federal Reserve Chair Jerome Powell, who recently stated that the Fed is not authorized to own Bitcoin, and that any potential move would require Congressional approval.
Trump, a former crypto skeptic, has evolved into a vocal supporter of cryptocurrencies and has expressed ambitions to make the US the “crypto capital of the planet.” His recent win in the 2024 presidential elections led to a surge in Bitcoin's price, surpassing the $100,000 mark, as investors anticipate favorable crypto policies under his leadership.
Lindner warned that Germany and Europe should not fall behind in the cryptocurrency race, urging both the ECB and the German Central Bank (Bundesbank) to assess the potential for including crypto assets in their reserves. He acknowledged that investing in cryptocurrencies could carry risks but argued that, as part of a decentralized system, they could offer protection against political instability that affects traditional currencies. Neither the ECB nor the Bundesbank has yet responded to Lindner’s suggestions.
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