ECB Disparages Bitcoin: Old Guard vs. New Wave
Ulrich Bindseil, Director General of Market Infrastructure and Payments at the European Central Bank, along with his advisor Jürgen Schaaf, have openly expressed their disappointment with Bitcoin ETFs and the influx of capital into the crypto sector after the SEC’s landmark decision.
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Ulrich Bindseil, Director General of Market Infrastructure and Payments at the European Central Bank, along with his advisor Jürgen Schaaf, have openly expressed their disappointment with Bitcoin ETFs and the influx of capital into the crypto sector after the SEC's landmark decision.
In the official ECB blog, the financiers reiterated typical anti-Bitcoin mantras: significant volatility, sluggish transaction times, and the disastrous energy demands of mining. They also alluded to the idea of Bitcoin as a speculative bubble.
They noted that the formal approval does not confirm that Bitcoin investments are safe, and the preceding rally is not a proof of an unstoppable triumph.
Further, they referred to Bitcoin ETFs as “the naked emperor’s new clothes,” though this may not be as offensive as the authors intended. for there is a catch.
As the “new attire” and the “emperor” revolutionize the global economy, someone remains a mere custodian in their ancient, albeit affluent, castles. Endlessly buffing silver candelabra might make one miss that the world has long transitioned to electric lighting.
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