European Central Bank Issues Major Warning About Bitcoin

Dec 01,2022
European Central Bank Issues Major Warning About Bitcoin

Recently releasedBlog PostAccording to the prediction and analysis of Ulrich Bindseil, the head of the European Central Bank (ECB)'s sales market infrastructure and payment officer, and J ΓΌ rgen Schaaf, the European Central Bank's high-end management consultant for the sales market infrastructure and payment business industry, Bitcoin is heading for a meaningless situation.

Bindseil and Schaaf feel that the recent price stability is the "last breath" before the final collapse of cryptocurrency.

Bitcoin's road to irrelevance is long overdueInches xThe data encryption kingdom has caused by far the largest cryptocurrency dilemma.

As a payment method, the largest cryptocurrency has not gained all the attraction, and at the same time, it has not been used as a viable investment project. The European Central Bank has indicated that Bitcoin needs to benefit from wave after wave of new investors who need speculative cryptocurrency prices.

So far, as Bindseil and Schaaf often say, Bitcoin's pursuit of social development has created a "relatively limited" value. At the same time, because of its energy intensive mining optimization algorithm, it is also "an unprecedented polluter".

The blog also mentioned that Bitcoin has a "great" reputation risk to banking institutions. Therefore, traditional finance should be careful about the legality of cryptocurrency, although it is likely to cause short-term profits.

imageReported by:Christine Lagarde, the governor of the European Central Bank, said in April that cryptocurrency was "worthless". Previously, she accused Bitcoin of intensifying "reprehensible" money laundering.

The European Central Bank is now developing and designing its own central bank digital currency. The rapid development of digital euro is generally triggered by the continuous growth of personal stable currencies such as Tether.