(by Sikh for Truth | TruthTalk.UK) – The European Central Bank (ECB) has released its strongest bearish statement on crypto yet. A blog post on the bank’s website chastises the EU Commission for legitimizing bitcoin with newregulations.
Titled Bitcoin’s last stand written by Ulrich Bindseil and Jürgen Schaaf basically outlined that bitcoin is on the ‘road to irrelevance’.
The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets.
Read more https://t.co/Hk1LuYX2de pic.twitter.com/I3Uidks8Xo
— European Central Bank (@ecb) November 30, 2022
In November 2021, bitcoin peaked at USD 69,000 before falling to USD 17,000 by mid-June 2022. The value has fluctuated around USD 20,000 since then.
Bitcoin has been criticized for being a hotbed of illegal transactions that put banks at risk. They wrote: “Since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised,” the blogpost concludes. Read Full Article >