The impressive result of the "Alternative for Germany" (AfD) party in the state elections in Saxony-Anhalt — 43.8% of the vote — has become an important marker of the changing political landscape in Germany. This is the party's best performance at the regional level, and it once again brings to the fore the question: can the AfD's growing influence transform Berlin's attitude toward bitcoin and cryptocurrencies in general?
Despite the fact that the party failed to win an absolute majority in the state parliament (83 seats), its ambitions extend far beyond the borders of a single state. At the federal level, the AfD is confidently leading in the polls, and its election program includes a number of bold crypto initiatives that could radically change the country's policy in this area.
AfD's program: deregulation and a strategic reserve
The AfD positions itself as the most pro-cryptocurrency player among Germany's major parties. Their federal program enshrines a demand for "broad deregulation" of bitcoin, wallets, and cryptocurrency trading. The party believes that current regulators are overly cautious and create excessive barriers to the industry's development.
A key initiative was an appeal to the Bundestag (submitted in October 2025) proposing that the government recognize bitcoin as a strategic asset. According to AfD representatives, BTC could serve as a reserve asset in times of monetary instability and should be included in the country's foreign exchange reserves. This proposal echoes a global trend in which sovereign states are beginning to view cryptocurrency as protection against inflation and geopolitical risks.
Significantly, the AfD also opposes the digital euro (the European Central Bank's CBDC), proposing to enshrine citizens' right to cash in the constitution. The party also criticizes the European MiCA regulation, considering it a tool created for centralized tokens rather than decentralized assets like bitcoin. This position is also supported by the Bitcoin Bundesverband, an association monitoring the development of German crypto legislation.
Interestingly, the AfD advocates preserving the tax exemption for long-term BTC holdings (exemption from tax when held for more than one year), while the Bundestag's finance committee previously rejected a similar initiative by the Greens to abolish it.
Outlook: the path to power or the path to opposition?
Despite its electoral successes, the AfD faces severe political isolation. Germany's major parties still refuse to form coalitions with it at the federal level, making its crypto proposals more a subject of discussion than a real legislative agenda.
Ulrich Siegmund, the party's lead candidate in Saxony-Anhalt, called the result "a signal to all of Germany, a signal of self-confidence," adding that he would prefer new elections to "rule by a minority government." The fate of coalition negotiations in the state remains unresolved.
My analysis: The rise in the AfD's popularity is not just a political trend, but a reflection of a deep-seated demand for financial sovereignty. Even if the party remains in opposition, its rhetoric is already forcing mainstream parties to discuss cryptocurrencies more actively. This is a positive signal for the market: Germany, as the core of the European economy, is gradually moving toward a more pragmatic approach to bitcoin, and this could set a precedent for the entire EU.