Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Two officials from the European Central Bank (ECB) are reinforcing their disapproval of Bitcoin, asserting that its “fair value” stands at zero, even in light of the recent price increase and the authorization of spot Bitcoin ETFs in the United States.
Bitcoin has not succeeded in becoming a global decentralized digital currency, instead succumbing to fraud and manipulation.
The recent ETF approval does not alter the reality that Bitcoin is expensive, slow, and impractical, contends #TheECBBloghttps://t.co/e9Ek01Dism pic.twitter.com/ddBFsv4g0w
— European Central Bank (@ecb) February 22, 2024
Ulrich Bindseil and Jürgen Schaaf, in a blog entry, regard these developments as insignificant and reaffirm their long-standing position that Bitcoin’s “fair value remains zero.”
See Also: Axie Infinity Co-Founder Loses $9.7m In 3,248 Ethereum (ETH) Wallet Hack
Their doubts persist despite the success of Bitcoin ETFs, which have garnered over $3 billion in net inflows and sparked speculation regarding an Ethereum ETF.
They contend that the excitement is unwarranted and that Bitcoin’s present price and market capitalization merely reflect the “social damage” anticipated when the bubble bursts.
Related Posts
This is not the first occasion Bindseil and Schaaf have expressed their apprehensions about Bitcoin.
In November 2022, they stated it was on the “road to irrelevance,” pointing to slow and costly transactions, inadequate investment traits, and environmental issues linked to mining.
They also criticize Bitcoin for its purported history of price manipulation and fraud. Bitcoin has risen nearly 200% since their blog entry was published.
Their recent blog post has elicited strong reactions on Crypto Twitter, with some users showing skepticism and others participating in intense discussions.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
#Binance #WRITE2EARN
The post Two European Central Bank (ECB) Officials Say Bitcoin’s “Fair Value” is Zero appeared first on BitcoinWorld.
