amberrrr789
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Regulators and lawmakers from all over the world, including those in the United States, are calling for more crypto laws in light of the recent bankruptcy of FTX and BlockFi. The European Central Bank (ECB) tweeted earlier today to promote a blog post with the heading "Bitcoin's last stand." The article criticizes Bitcoin, claiming that it is “rarely used for legal transactions” and that supporting Bitcoin could damage banks' reputations. Instead of presenting a whole picture of the cryptocurrency's history up to this point, which would have included both its positive and negative aspects, it only highlighted the problems.
European Central Bank (Source: ECB)
Jürgen Schaaf and Ulrich Bindseil, the director general and advisor to the ECB, penned this post for the ECB blog. They stated that the future of digital currency is "the road to irrelevance." In addition to the complaint that Bitcoin is rarely used for legitimate transactions, it was also noted that given the increased regulatory scrutiny from legislators around the world, it was conceivable for it to be "misunderstood as approval."
The European Central Bank claimed on Twitter that any current stabilization of the price of bitcoin is probably the result of intentional manipulation. Including cryptocurrencies, everything has two sides. The cryptocurrency community is prepared to act and to protect digital assets. American businessman Michael Saylor responded:
Final Thoughts
I believe that despite its shortcomings, Bitcoin is still more effective than the established banking system. Bitcoin's layer-2 lightning network has reduced the cost and speed of international transfers compared to wire transfers. It is not a sign of improvement to just discuss the drawbacks while neglecting the benefits.
Regulators and lawmakers from all over the world, including those in the United States, are calling for more crypto laws in light of the recent bankruptcy of FTX and BlockFi. The European Central Bank (ECB) tweeted earlier today to promote a blog post with the heading "Bitcoin's last stand." The article criticizes Bitcoin, claiming that it is “rarely used for legal transactions” and that supporting Bitcoin could damage banks' reputations. Instead of presenting a whole picture of the cryptocurrency's history up to this point, which would have included both its positive and negative aspects, it only highlighted the problems.
European Central Bank (Source: ECB)
Jürgen Schaaf and Ulrich Bindseil, the director general and advisor to the ECB, penned this post for the ECB blog. They stated that the future of digital currency is "the road to irrelevance." In addition to the complaint that Bitcoin is rarely used for legitimate transactions, it was also noted that given the increased regulatory scrutiny from legislators around the world, it was conceivable for it to be "misunderstood as approval."
The European Central Bank claimed on Twitter that any current stabilization of the price of bitcoin is probably the result of intentional manipulation. Including cryptocurrencies, everything has two sides. The cryptocurrency community is prepared to act and to protect digital assets. American businessman Michael Saylor responded:
Other remarks refer to the meme "BTC is dead," despite the cryptocurrency still steadily increasing in value over time when compared to other assets. From 1997 through 2022, the purchasing power of the Euro has been steadily declining. What is your viewpoint then?
Final Thoughts
I believe that despite its shortcomings, Bitcoin is still more effective than the established banking system. Bitcoin's layer-2 lightning network has reduced the cost and speed of international transfers compared to wire transfers. It is not a sign of improvement to just discuss the drawbacks while neglecting the benefits.
