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European Central Bank (ECB) officials recently expressed skepticism about Bitcoin’s (BTC) status as a valuable financial asset, despite the United States Securities and Exchange Commission (SEC) approving a spot exchange-traded fund (ETF) for the leading cryptocurrency. The ECB, which serves as the central bank for the European Union countries that have adopted the euro, shared their views in a blog post by ECB director General Ulrich Bindseil and advisor Jürgen Schaaf. They argue that the SEC’s decision does not validate Bitcoin as a viable payment method or investment, maintaining that “the fair value of Bitcoin is still zero.”
Bindseil and Schaaf criticize Bitcoin for its limited use in transactions, attributing its usage primarily to criminal activities on the darknet. They highlight the cryptocurrency’s drawbacks, including its inefficiency, high transaction costs, and environmental impact due to the energy-intensive mining process. According to them, Bitcoin fails to offer the tangible benefits associated with traditional assets such as real estate, stocks, commodities, gold jewelry, or works of art.
It goes without saying that such a blog post shared on a social media platform like X does not go unnoticed and the critiques and memes coming from the crypto community are there. Many immediately noted that “Bitcoin will outlive the Euro”
Daniel Batten, known for his thorough research on the green energy usage of Bitcoin said:
“This is bullish. After ECB published “Bitcoin’s last stand”
Bitcoin has risen 197%
Keep the FUD coming ECB.
There are over 400Million people globally who have been vaccinated against it now, growing exponentially.”
He then shared:
Dan Held, an analyst followed by more than 650,000 users, reminded the ECB of its own words:
“Bitcoin could have a negative impact on the reputation of central banks, assuming the use of such systems grows and in the event that an incident attracts the press, since the public may perceive the incident as being caused by a CB not doing its job properly” - ECB (In 2012)
The last words in this report goes to the biggest Bitcoin bull in the corporate world, Michael Saylor, who hinted what the ECB was actually trying to say, that basically everyone should know about Bitcoin.