The post ECB’s Anti-Bitcoin Propaganda Debunked In Academic Rebuttal appeared on BitcoinEthereumNews.com.

As a response to the latest anti-Bitcoin paper by the European Central Bank (ECB), a new academic paper titled “Challenging Bias in the ECB’s Bitcoin Analysis” has been published. Authored by Murray A. Rudd, along with co-authors Allen Farrington, Freddie New, and Dennis Porter, the paper offers a comprehensive critique of a recent working paper by ECB officials Ulrich Bindseil and Jürgen Schaaf. Dennis Porter, CEO and founder of Satoshi Action Fund, who initiated the paper with a few days announced the publication on X, stating, “₿REAKING: Full Academic Rebuttal to the anti-Bitcoin ECB paper officially published.” The original ECB paper by Bindseil and Schaaf portrays BTC as a speculative asset with limited intrinsic value and significant risks. It criticized BTC’s volatility, lack of productive contribution, and wealth concentration, while advocating for Central Bank Digital Currencies (CBDCs) as a superior solution for modern financial systems, as Bitcoinist reported. The rebuttal systematically addresses and refutes the key assertions made by Bindseil and Schaaf: #1 Bitcoin’s Political Lobbying Influence Bindseil and Schaaf argue that the industry’s lobbying exerts disproportionate influence, skewing regulatory policy in its favor. The rebuttal counters this by highlighting the decentralized nature of Bitcoin. “not have a CEO, legal or marketing departments, or lobbyists: it is a neutral, global, leaderless protocol. Bitcoin advocates typically operate without the institutional backing enjoyed by the corporations that dominate the crypto industry,” the authors write. They point out that traditional financial institutions spend far more on lobbying than the nascent industry noting that in 2023, crypto-related lobbying expenditures in the US constituted less than 1% of financial sector lobbying expenditures. #2 Wealth Concentration Addressing the claim that ownership is highly concentrated among a small number of large players, the rebuttal emphasizes that this view overlooks the widespread dispersion of BTC holdings. “Institutional and…

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Filed under: News - @ October 23, 2024 10:23 pm