The company’s anti-cryptocurrency policy continues BCEthe European Central Bank, which, in a recent document, warns against Bitcoin. Paradoxically, according to the ECB, if the price of BTC continues to increase it will be a problem. The reasons? Here they are summarized in an extract from the official ECB document:
- does not increase the productive potential of the economy;
- the consequences of the alleged increase are essentially redistributive;
- therefore, the effects on the wealth of first holders they occur at the expense of the consumption of the rest of society;
- the existence of Bitcoin impoverishes both non-holders and latecomers.
This document was prepared with the support of Jürgen Schaaf, senior management advisor in the Market Infrastructure and Payments business area of the ECB. Certainly not a crypto sympathizer. In fact, yesterday, in a post on X, he listed the reasons why everyone should “delete Bitcoin“. Let’s see together what his reasons are and the counter-responses of those who are pro crypto.
Bitcoin is “a speculative bubble that will eventually burst”
According to Schaaf the Bitcoin And “a speculative bubble which will eventually explode“. Furthermore, “BTC supporters are confident that it is a valuable investment asset, with the potential for continued growth in value. Even latecomers, they say, should jump in. But our analysis shows a different story“.
What does Schaaf mean by this statement? As stated in the ECB document, the idea is that if BTC prices continue to rise and the bubble does not burst, the wealth of early investors weighs on laggards and non-holders,”resulting in significant effects of redistribution“. The solution? For Schaaf it’s very simple:
Non-holders should recognize that Bitcoin’s rise is fueled by the redistribution of wealth at their expense. There are compelling reasons to support policies that limit Bitcoin’s growth or even eliminate it.
In response to these statements came the CEO of Celestial Mining Management, Steven Smith, who stated: “The point is, we haven’t bureaucrats who brag or intervene at the expense of everyone else based on what they believe is ‘right’ or ‘good’ or whatever“. Meanwhile, Donald Trump sees the United States as the future capital of cryptocurrencies.
