According to a newly released report by the ECB, Bitcoin is in the final stages of becoming irrelevant due to its many shortcomings. The report stated that Bitcoin’s value stems from mere speculation, and its recent stability was the result of price manipulation.
Despite being touted as a revolutionary payment system and an investment asset, the European Central Bank feels the long-term damage of promoting Bitcoin investments is not worth the risk. In fact, the statement went on to stress that Bitcoin’s road to irrelevancy began way before the FTX-instigated market turmoil.
ECB’s Director General Ulrich Bindseil and Advisor Jürgen Schaff, the authors of the report also mentioned matters shaping the current regulation around cryptocurrencies and blamed innovative misconception as the key reason inhibiting tight regulations around Bitcoin. The duo noted a promising technology does not necessarily guarantee value addition or disruption.
The apparent stabilisation of bitcoin’s
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