What’s next for BTC amid European Central Bank’s ‘declaration of war’ on Bitcoin
The European Central Bank (ECB) strikes again, publishing an economic paper about Bitcoin (BTC) called “The distributional consequences of Bitcoin.” Analysts have called it a “declaration of war” on Bitcoin or “one logical leap away” from the ECB acquiring BTC. However, the European Central Bank gives no signals of intention to buy BTC at any point in time. Instead, this paper, written by Ulrich Bindseil and Jürgen Schaaf, raises harsh economic criticisms of Bitcoin’s value proposition, even when considering a bullish scenario where BTC price rises continuously despite what contrarian analysts believe is a speculative bubble. Analyzing it further, Tuur Demeester called the recent paper a “true declaration of war” with potential negative consequences. The long-term Bitcoin analyst believes it can fuel more active harmful measures against BTC as an investment asset in Europe. ...