The ever-increasing price of the first cryptocurrency will only benefit the early holders of the asset and impoverish the rest of society, threatening cohesion, stability and democracy. This is mentioned in report ECB.
Economists Ulrich Bindseil and Jürgen Schaaf argue that the original idea Satoshi Nakamoto Bitcoin failed as an international payment system, which led to its repositioning as an investment asset.
According to the ECB document, the first digital currency adopters could suffer even without a “bubble burst” scenario. They will benefit only from new customers, experts noted.
“The Lamborghinis, Rolexes, villas and stock portfolios of early Bitcoin investors are not related to an increase in the productive capacity of the economy, but are financed by reducing the consumption and wealth of the have-nots Bitcoin first,” the report said.
It is unlikely that this redistribution of wealth will occur without a negative impact on society, the economists said.
Early Bitcoin adopter Tour Demester criticized the document and called it “a true declaration of war.”
1/ This new paper is a true declaration of war: the ECB claims that early # bitcoin adopters steal economic value from the deceased. I strongly believe that authorities will use this luddite argument to implement harsh taxes or bans. Check out 🧵 why: pic.twitter.com/qg31YenTSC
— Tuur Demeester (@TuurDemeester) October 19, 2024
“In all the years I’ve been following the Bitcoin industry, this is the most aggressive article from the authorities. […] It is clear that Central Bank economists now see Bitcoin as an existential threat that can be attacked in any way possible,” he wrote.
The expert noted that the authorities will use the arguments presented in the ECB report to adopt strict taxes or restrictions in the crypto industry.
“Many of us warned this was coming: Bitcoin as a major political flaw in national and international elections. Well, here it is. This means that we Hodlers must take action to ensure that governments respect our basic right to own property,” said Demestre.
According to him, this will not be a “war between the guards and the non-guards.”
“Instead, it will be a historical conflict between those who protect natural human rights and those who adhere to the failed ideologies of communism and central planning,” said the Bitcoin evangelist.
In November 2023, the head of the ECB, Christine Lagarde, admitted that she had a son lost “almost everything” on investments in cryptocurrenciesdespite many warnings.
In February 2024, ECB experts proved the idea of ”zero value” digital gold, regardless agreement spot bitcoinETF in the US.
Let us remind you that Tour Demester in the same month predicted an increase in the values of the first cryptocurrency capped at $600,000 by 2026.
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2024-10-20 13:48:00
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