When FTX crashed in November 2022, it triggered a multi-billion dollar exodus spree, bringing Bitcoin down 22% in a single day. By the end of the month, the European Central Bank (ECB) fired an unusual shot across the crypto bow. As Bitcoin’s price stabilized, the central bank suggested this is Bitcoin’s “last gasp before the crypto-asset embarks on a road to irrelevance.”
Interestingly, the ECB’s public comment came from a competitive standpoint. The co-author of “Bitcoin’s Last Stand” was Ulrich Bindseil. As ECB economist, Bindseil authored a paper titled “Central Bank Digital Currency – Financial System Implications and Control” in May 2019. The paper clearly outlined where the monetary system is heading.
Benefit of CBDC
Possible further factors or requirements
A. Efficient retail payments
A.1 Making available efficient, secure and modern central bank money to everyone
In particular in economies without high-quality electronic commercial bank money, and/or with
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