If you're from Europe and cold email isn't allowed in Germany, would you target American companies as well?

Yes, targeting U.S. companies is a solid tactical move if you want to avoid German restrictions. The idea that cold email is 'not allowed' in Europe is often overstated; it’s really a risk‑reward imbalance, not a hard ban—similar to jaywalking being illegal but still safe when no cars are around. You can also set up a U.S. entity and operate from there to minimize risk. All these tactics avoid the underlying risk‑reward misbalance, but they aren’t legal advice.