According to ECB, we are witnessing 'Bitcoin's last stand.' According to the community, the institution is biased.
. However, instead of outlining the entire picture, which would include both up and downs of the cryptocurrency’s lifespan thus far, it only portrayed its shortcomings.
Written by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB, the piece says the digital currency is on “the road to irrelevance.” It also claimed that BTC is hardly used for legal transactions and that the regulatory attention it is currently receiving from lawmakers around the world can be “misunderstood as approval.” Additionally, it warned banks on interacting with the digital currency as it could taint their reputation.
On Twitter the organization tweeted that any price stabilization BTC may incur now will be artificially induced: The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance.
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