In 2020, before the COVID-19 pandemic wreaked havoc across global economies, one narrative pushed the Bitcoin price higher: its capacity to store value. Global inflation was about to accelerate then, and assets such as BTC emerged as a hedge against this phenomenon.
A new paper published by the European Central Bank hints at a possible resurfacing of this powerful narrative, which supported Bitcoin’s prices as the asset entered uncharted territory.
ECB Paper Sheds Light on Bitcoin’s Role in Emerging Markets
A recent European Central Bank (ECB) paper has stirred the cryptocurrency community by offering a new perspective on Bitcoin’s role in the global economy, particularly in high-inflationary countries. Patrick Hansen, Circle’s Director of EU Policy and Strategy, highlighted this shift in ECB’s stance towards Bitcoin, a notable deviation from its previous skepticism.
About a year ago, the ECB blog posted an article titled “Bitcoin’s last stand” when Bitcoin’s price wa
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