ECB once again against bitcoin...

Once again the European Central Bank lashes out at Bitcoin and the recent success of ETFs.
As usual, it uses the usual platitudes, which, 15 years after the activation of BTC nodes, only an uninformed fool still believes.

It seems to me that it is becoming an invective very similar to the one brought by Dupont against hemp, when it was discovered that paper made of Indian hemp fiber does not have to be bleached and can be recycled up to 7 times. Obviously Dupont would have no way to supply the chemicals for bleaching wood pulp anymore and launched into a tirade about hemp branding it a drug. A kernel of truth is there, but only one downside was pointed out when with the upside there would be many more trees....

Now the clichés are always the same:

• Anonymity=money laundering, when we know very well that ery stores seeded all over the country fully fulfill this "washing machine" function;
• Volatility= trap for the inexperienced.... How many investors were swindled by the Cirio crash and also of a well-known bank?

But I don't want to take away your enjoyment, proceed with the reading is very hilarious!

The recent approval of spot Bitcoin (BTC) ETFs has not swayed the stance of the European Central Bank (ECB), which reiterated its position regarding the leading cryptocurrency, deeming it inadequate as a means of payment or investment. In a blog post published on Thursday, February 22, Ulrich Bindseil and Jürgen Schaaf wrote that Bitcoin has failed to fulfill the promise of being a global decentralized digital currency and continues to be rarely used for legitimate transactions.

While the approval of Bitcoin spot ETFs by the US Securities and Exchange Commission (SEC) in January was seen by some as a validation of the cryptocurrency and a sign of its unstoppable success, the same did not hold true for the two ECB officials, who stated: "We disagree with both claims and reiterate that the fair value of Bitcoin is still zero."

Bindseil and Schaaf warned about the potential risks associated with a new cycle of Bitcoin boom-bust, including environmental damage and wealth redistribution at the expense of less experienced investors. The ECB remains critical of Bitcoin, as this skepticism is not new. In a blog post published in November 2022, the ECB argued that Bitcoin had not become a global decentralized digital currency,(Who can you tell, after 15 years?!?!?!) nor had it become a financial asset with intrinsic value.

Furthermore, the ECB also stated that Bitcoin continues to face significant challenges in establishing itself as a means of payment. The European Central Bank has cast doubt on Bitcoin's suitability as an investment tool, arguing that the cryptocurrency does not generate cash flows, dividends, or social benefits like traditional investment assets.

The ECB also affirmed that the environmental impact of Bitcoin mining remains a major concern. The Proof of Work mechanism used in BTC mining consumes significant amounts of energy, resulting in environmental pollution on a scale comparable to that of entire countries.

The central bank declared that the increase in Bitcoin prices leads to higher energy consumption by miners, exacerbating the environmental consequences. The ECB also questions the use of ETFs, both spot and futures, as a means to increase Bitcoin's legitimacy. It argued that the concentration of activity in ETFs contradicts the principle of diversification typically associated with such investment vehicles.

Furthermore, Bitcoin already had multiple speculative opportunities, and the issue lies not in the lack of opportunities, but rather in the speculative nature of the cryptocurrency itself. The article also argues that Bitcoin's history has been marked by multiple scams and dubious price quotes,with a significant percentage of reported trading volumes likely being fake. (But the blockchain is not visible to everyone!!!?!?)

Bitcoin's anonymity has made it appealing primarily for illicit activities such as money laundering and ransomware payments, contributing to its reputation as a "crime currency."

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