EU MP Criticizes Digital Euro Plans and Advocates for Bitcoin Use
In a speech at the European Parliament, Sarah Knafo, a Member of the European Parliament (MEP), opposed the European Central Bank’s (ECB) plans for a digital euro and advocated for Bitcoin as a superior alternative. Knafo urged European nations to emulate El Salvador by building their own Bitcoin reserves to enhance economic resilience.
Knafo highlighted Bitcoin's key advantages: its decentralized system, fixed supply, and increasing global adoption. She characterized Bitcoin as a secure asset capable of safeguarding economies and protecting citizens from financial instability.
Referencing El Salvador's three-year-old decision to adopt Bitcoin as legal tender, Knafo noted the country's investment has doubled, resulting in “hundreds of millions of dollars” now accessible to citizens, thereby enhancing sovereignty and security.
Knafo criticized EU financial policies, accusing leaders of mismanagement that leads to large deficits and inflationary measures detrimental to the public. She called for a shift in Europe’s financial management to protect citizens from inflation and government errors.
She expressed concerns about the ECB’s digital euro initiative, warning it could grant bureaucrats excessive control over transactions, potentially leading to totalitarianism. Knafo stressed the importance of preserving financial freedom and individual rights.
To tackle these issues, Knafo proposed that European countries adopt Bitcoin, invest in mining, and offer legal protections for cryptocurrency users while avoiding heavy taxation. She emphasized the need to embrace freedom and uphold civilizational values.
Knafo’s speech underscored a growing debate in Europe regarding digital currencies. While the EU favors centralized solutions like the digital euro, advocates like Knafo promote decentralized options like Bitcoin as means to achieve financial independence and security. By citing El Salvador's success, she aimed to illustrate that adopting Bitcoin could provide Europe with innovative solutions to its economic challenges.
Amid rising inflation, increasing deficits, and state control, Knafo's message resonated with those seeking greater financial autonomy. Her vision advocates for a Europe that transitions from outdated systems to innovative, decentralized technologies that empower individuals.