- The European Central Bank calls Bitcoin a failure; crypto community sees bullish opportunity.
- Community leaders counter ECB’s FUD with optimistic perspectives on Bitcoin.
- ECB’s negative stance triggers 197% rise and expects more to come.
In a surprising move, the European Central Bank (ECB) releases a blog proclaiming Bitcoin’s failure as a global decentralized digital currency. It cites issues of fraud and manipulation. The ECB contends that despite recent ETF approval, Bitcoin remains costly, slow, and inconvenient.
This FUD from the ECB contrasts with a Chainalysis report revealing that only 0.34% of 2023’s cryptocurrency transaction volume was linked to criminal activity, with Bitcoin’s share even lower at 25%. In comparison, illicit Euro transactions accounted for 1% of the EU’s GDP in 2010.
In response, influential figures in the crypto community express optimism about the ECB’s statements being bullish for Bitcoin and the broader market. Daniel Batten, Managing Partner at CH4 Capital and writer of The #Bitcoin ESG, notes that Bitcoin has risen by 197% since the ECB’s publication titled “Bitcoin’s last stand”, suggesting that continued FUD from the ECB is welcomed.
Meanwhile, Doctor Profit, a popular crypto market analyst, highlights the Euro’s significant devaluation against Bitcoin while questioning the ECB’s assertion of Bitcoin’s fair value being zero. He emphasizes Bitcoin’s unique ability to outperform inflation and considers the ECB’s comments as further fuel for bullish sentiment.
Another crypto enthusiast criticizes the ECB’s characterization of Bitcoin as “inconvenient,” arguing that traditional banks are far more cumbersome, costly, and restrictive. This perspective underscores Bitcoin’s advantages in terms of convenience, permissionless transactions, and freedom from inflation.
As the ECB’s critique unfolds, the crypto community remains resilient, interpreting the negative sentiment as an unexpected catalyst for Bitcoin’s positive trajectory.
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