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The ECB criticized Bitcoin proponents for overstating its future market capitalization and focusing primarily on its investment potential rather than its functional role as an economic asset. Despite the ECB’s critical stance, prominent figures like Cathie Wood and Michael Saylor remain optimistic about Bitcoin’s long-term potential. A recent prediction on Bitcoin (BTC) price from the European Central Bank (ECB) has stirred discussions across the crypto community. An ECB research paper, “The Distributional Consequences of Bitcoin,” references a potential $10 million target for BTC price. Bitcoin’s current price hovers between $50,000 and $60,000. ECB’s Wild Bitcoin Price Prediction However, the bank noted that any price, including $10 million per BTC, could be considered “equally plausible.” Nonetheless, the ECB also emphasized that no Bitcoin price holds any “particular economic justification or imputed basis.” The central bank criticized BTC promoters for focusing on its potential as a high-return investment while neglecting its role as a functional economic asset. The ECB stated that Bitcoin advocates have significantly overestimated the flagship crypto’s future market capitalization, reported CNF. This statement has triggered debate among BTC supporters. The bank pointed out the absurd comparison to the total value of gold and equity markets. For context, according to the International Capital Market Association, the global bond market alone is valued at approximately EUR 130 billion. Amid the ECB’s warnings, some prominent figures have been vocal about Bitcoin’s long-term potential. For instance, Ark Invest’s Cathie Wood and MicroStrategy’s Michael Saylor have reaffirmed their projections of Bitcoin hitting $1 million by 2030. Their optimism stems from several factors, including the launch of spot Bitcoin ETFs and the growing institutional adoption of BTC, per the CNF report. However, Tuur Demeester, a well-known analyst, raised concerns that the ECB’s critical stance might lead to tougher regulations. Moreover, it could even lead to…

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Filed under: News - @ October 21, 2024 5:24 pm