Although the European Central Bank (BCE) recently posted on his blog regarding the flaws of Bitcoin, the public took to the floor in particular on Twitter to defend their favorite crypto.
The ECB did not skimp on negative suggestion about bitcoin in his latest post about it. It must be said that after the FTX and the various scandals related to the liquidity of the players in the crypto-currency sector, the regulators of the European Union have joined legislators around the world to make stricter and clearer regulations implementation in relation to the cryptocurrency industry.
The apparent stabilization of bitcoin’s value is likely to be an artificially induced last gasp before the crypto asset starts down a road of irrelevance. #TheECBlog 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
Therefore, on November 30 the ECB published an article under the name “Bitcoin’s last stand” which could be translated literally as “Bitcoin’s last coin” drawing a soldier who has fought well, but is at the end of his strength. Through this article, Ulrich Bindseil and Jürgen Schaaf, respectively Director General and Adviser to the European Central Bank, showed that portrait of the career of this crypto-currency.
However, instead of drawing up a complete picture of Bitcoin since its existence and progress, they would rather focus on the current situation and the resulting problems. As a result, the article raises three major negative points in particular.
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The negative points according to the ECB
On the one hand Bitcoin is only very little used in legal transactions, then the attention that generates the latter with regulators around the world be construed as approval that is not the case. Finally, any bank could interact with this asset see his reputation tarnished.
Conclusion, after reading this material, we quickly realize that Bitcoin is not in the heart of the ECB and that makes it clear. Of course, the current situation explains this behavior, but users on Twitter who want to protect cryptocurrency see it as much more than just resentment of the current state of the market.
Conflict of interest?
In fact, from the moment this article saw the light of day, many members of the crypto community felt that such writing was giving rise to these views that are considered wrong. The ECB’s tweet received many responses regarding oppose such content.
Some comments that shed light on Blindseil’s opinion and the potential conflict of interest. In fact, the latter has recently written many articles on CBDCs (Central Bank Digital Currencies) and their uses.
Author: Ulrich Bindseil
I’ll leave that here, so everyone knows about the conflict of interest. #Bitcoin pic.twitter.com/EKz9Mx3ndT
— ₿aseload 🍷 (@Endorsen) November 30, 2022
Of course, these new types of encryption would be better for controlling authorities such as the ECB. But Bitcoin is a big player affecting this type of project through its existence and potential.
Other users have tried to read this article from the ECB trying to be open-minded, but without success, especially because certain passages suggest that Bitcoin used especially for illegal transactions. However, such a fact is more of a past than a current situation.
The famous meme “BTC is dead” has traveled the comment space many times from Twitter users trying to poke fun at the ECB article, but also at their trivial predictions such as the fall on inflation in 2022.
Market still standing
Despite the current crisis during the year, whether as a result of inflation, the war in Ukraine, the collapse of Terra Luna or the recent FTX affair, the always relevant cryptocurrency sector.
Admitted, this one weighs in $3 trillion last year at the same time and no more $862 billion currently. Despite everything, the environment continues to evolve and go through cycles. Exchanges continue to secure their lives by becoming more regulated.
So, Bitpanda recently got the green light to operate in Germany and Gemini got its crypto license in Italy and Greece. Conclusion, although FTX has shaken the environment, especially for CEX and has influenced many projects, the crypto-currency industry always evolving.
Bitcoin and all altcoins have seen a relatively large rise in recent times with BTC in particular rising again over $17,000. The main reason was the FED’s announcement of a 50 point increase in interest rates.