Obsessive ECB disorder? – The sites giving the number of announced deaths of Bitcoin (BTC) identify not far from 500 obituaries of the king of cryptos, since its creation in January 2009. The European Central Bank (BCE) has just added its stone to the mortuary building (premature). Its representatives talk to us so often (and always in bad shape) decentralized cryptocurrencies that one would almost wonder where this obsession. Answer (obvious) in conclusion.
BTC, so “insignificant” that bankers keep talking about it
The European Central Bank has just done a favor to the detractors of Bitcoin. She has just published on her blog a condensed of all the cliches possible and imaginable on the oldest and most valued cryptocurrency. “Bitcoin’s Last Battle”the title is promising.
The ECB oddly seems to want to persist on something she already considers dead. The current stabilization and Bitcoin price resistance, after the FTX disasterwould thus be only one ” last breath “ before “insignificance”. Just that !
“Bitcoin’s apparent stabilization in value is likely an artificially induced last gasp before the cryptocurrency goes down a path of insignificance. The ECB blog examines Bitcoin’s situation amid widespread volatility in the cryptocurrency market. »
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A contest of clichés, each more demagogic than the other
The “last battle”…before the Victoire bitcoin, maybe? Anyway, when you see double-digit eurozone inflationwe wonder if the single currency will not have big problems before the invention of Satoshi Nakamoto. Especially since we will remember that the President of the ECB, Christine Lagardedid not see this coming inflation “out of nowhere”.
First criticism cited: Bitcoin would be “rarely used” for legal transactions. Whose fault is it ? Almost all governments (the salvador being an obvious exception) impose prohibitive taxes (by their cost and by their complexity) on the use of cryptocurrencies. In France for example, 30% ofcapital gains taxand these should be calculated with each purchase a coffee or a bread in BTC: super practical and not at all repulsive, nor confiscatory (sarcasm, when you hold us).
Another hackneyed cliche: Bitcoin is a “unprecedented polluter”. Pulling on the ecological rope always sells. We are not going to waste time here answering this question again. Received ideathem evidence of its usefulness, far superior to its exaggerated “pollution”, having been discussed many times.
The ECB picks up: the “Bitcoin is dead” fashion has passed
In addition to that, it should all the same be pointed out that the ECB has quite a train delay. Indeed, predicting the “Death” of Bitcoin is all the rage at the time of peaks on his lessons. During the bull run of 2017 (124 dead) and 2021 (47 dead).
Interestingly enough, intensity of these advertised purposes is generally at the lowest when a bottom stable (market bottom) is precisely reached on BTC prices. Even the explosion of FTX failed to remotivate the deadly predictions for Bitcoin recently (luckily the ECB is here for that).
But shooting the ambulance is no problem for the European Central Bank when it comes to Bitcoin. After all, it’s his exclusive privilege to mint coins (and spin the printing press) that’s here threatens by the most venerable of cryptos. Yet, if Bitcoin is promised to disappear, why Does Christine Lagarde already want a MiCA II regulation?, while the first MiCA regulation will not come into force before 2024? Bitcoin and its so “insignificant” decentralized siblings should be dead long before in ECB logic, right?
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