ECB Unconvinced by ETF Approval in US, Still Doesn’t Like Bitcoin
The European Central Bank (ECB) reiterated its anti-crypto stance despite market optimism. The institution is not convinced by the United States Securities and Exchange Commission's (SEC) recent position on Bitcoin exchange-traded fund (ETF) approval.
In the year The title of the blog post speaks for itself: “ETF Approval for Bitcoin – The Naked Emperor's New Clothes.”
The authors disagree with the claim that the approval of spot Bitcoin (BTC) ETFs in the US means that BTC investments are safe and that the past rally is “unstoppable proof of victory.” The real value of Bitcoin is still zero, the bankers say:
“For society, a renewed Bitcoin boom-bust cycle is a grim sight. The collateral damage, including the environmental damage and eventual redistribution of wealth, will be enormous.”
Bindseil and Schaaf cite their 2022 post on the same blog, arguing that Bitcoin has failed to fulfill its original promise of becoming a global decentralized digital currency. According to them, Bitcoin is not suitable as an investment because it does not generate any cash flow or dividends, cannot be used productively and has no social benefit or tangible appreciation based on superior capabilities.
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ECB executives agree that waiting for ETF approvals has hurt Bitcoin's value, but they believe it could be a “flash in the pan.”
There is no “price proof” in a speculative bubble. Instead, a hypothetical bubble comparison shows the effectiveness of the Bitcoin lobby.
The article concludes that the ECB's job of regulating Bitcoin is not yet done. Officials should be vigilant and protect the public from illegal money laundering, cyber crimes, financial losses to those with low education levels and large-scale environmental damage, he said.
In the year February 19, In another column, ECB executives, including board member Piero Cipollone, responded to claims that the introduction of the digital euro could cause an acute economy-wide banking crisis and that banks could lose deposits as a long-term source of refinancing. Word
