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“The irrelevance of bitcoin was predictable before the FTX collapse.”



Key facts:
  • ECB considers bitcoin “cumbersome and slow” for payments.

  • ECB links bitcoin to illegal transactions, but data shows otherwise.

The European Central Bank (ECB) has decided to take a tough stance on bitcoin (BTC). The body appears to be fueled by the “widespread fallout in cryptocurrency markets following the collapse of a major cryptocurrency exchange,” it said in a statement.

In this sense, it expressed that “for bitcoin supporters, the apparent stabilization indicates a lull on the road to new heights, but it is most likely a last artificially induced jolt before the road to irrelevance, and this was already predictable before FTX failed.”

Although he does not mention it, it is clear that the failure of the U.S. exchange FTX has set off alarm bells at the European regulator. The company is under investigation because they allegedly used clients’ funds without their consent.In risky transactions, as he reported CryptoNews.

In this regard, the ECB has launched a campaign. to criticize the cryptocurrency created by Satoshi Nakamoto.according to the text published today, Nov. 30. He believes that real transactions in bitcoin are “cumbersome, slow and expensive.” Bitcoin has never been used in a meaningful way for legal, real transactions.


The ECB has begun a campaign to downplay the relevance of bitcoin, fueled by the collapse of FTX.

This claim has been debunked several times, most recently by a report by cybersecurity firm Chainalysis. Cryptocurrency-related crime has Down 15 percent from the previous yearand in a bear market like the first half of 2022, crimes involving bitcoin and other cryptoassets decreased by 65 percent..

For the ECB, bitcoin is also not suitable as an investment compared to real estate, stocks or gold, and its value is speculative. However, last October the cryptocurrency was less volatile Of Wall Street’s major stocks.

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Bitcoin also went all in on Wall Street when 3. bitcoin funds exchange-traded funds, also known by the acronym ETFs, was the year in whichfor the first time a cryptocurrency became part of exchange-traded assets. In the financial center of the world.

In addition, there are studies such as that of Harvard University, which recommends that central banks should have bitcoin reserves because it has the potential to serve as an alternative hedging asset.


Reference Binance countries

ECB takes this stance against bitcoin when it is proceed with regulation for cryptocurrencies and service providers, something the collapse of FTX could accelerate.

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