Given the high-profile debacle surrounding the systemically important crypto exchange FTX, European politicians are now also demanding stricter regulation of the industry.
The European Central Bank (ECB) is also joining the discussion with a blog post today, November 30, titled “Bitcoin’s last stand.” The post traces the history of the market-leading cryptocurrency so far – which is full of ups and downs – but only considering the negatives.
The entry authored by ECB Director General Ulrich Bindseil and ECB Advisor Jürgen Schaaf sees Bitcoin “on the way to becoming irrelevant,” according to the devastating verdict from experts.
The two economists argue, among other things, that BTC is hardly used for legal transactions and at the same time warn that the increasing attention of regulators can be misinterpreted as “recognition”. Banks should also think twice before dealing with cryptocurrency, as it could damage their reputation in the long run.
Moreover, economists conclude that the current Bitcoin price stabilization is likely purely artificial. A final breath on the deathbed of the crypto market leader:
The apparent stabilization in bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset hits the road to irrelevance. #TheECBblog examines where bitcoin stands amid widespread volatility in crypto markets.
Learn more https://t.co/Hk1LuYX2de pic.twitter.com/I3Uidks8Xo
— European Central Bank (@ecb) November 30, 2022
However, such criticism – especially when it comes from a high level – does not go unnoticed in the crypto community and provoke corresponding reactions.
The corresponding ECB tweet has already received hundreds of replies in which crypto users are subjecting the pamphlet to real fact checks.
A netizen also discusses Bindseil’s background and points out that the German could be subject to a conflict of interest, as the ECB economist has already written various articles for the European Central Bank on the introduction of a digital currency. central bank (CBDC) .
Author: Ulrich Bindseil
— ₿aseload (@Endorsen) November 30, 2022
Another crypto investor, meanwhile, admits that he actually wanted to open himself up to criticism from experts, but claims of Bitcoin’s “illegal use” are just too well known and disproven enough to take at face value. serious.
I clicked on this article with an open mind, ready to change my mind
But it opens with a probable lie
The vast majority of Bitcoin usage is for legal spending, speculation for profit, and gambling – not “illegal transactions”
It’s not 2012 anymore… It’s a joke. pic.twitter.com/037aehMyFR
— FatMan (@FatManTerra) November 30, 2022
Other friends of the crypto market leader are reacting with the much-quoted “BTC is dead” meme, which seems downright absurd in contrast to the price action of the past few months and years. The ECB’s flawed forecasts don’t stick either not mentionedbecause the central bank last time in December 2021 was wrong in its outlook for further inflation.
The weak euro is also getting lost in the crypto community, because unlike Bitcoin, the common European currency could be on its deathbed, like another user point.
Meanwhile, the crypto industry is spreading more and more in the European Union. Not only was the Austrian crypto exchange Bitpanda able to obtain a license in Germany, but the Winklevoss Gemini trading platform has now received approvals for Italy and Greece.