ECB’s anti-Bitcoin stance draws community ire: ‘True declaration of war’
The post ECB’s anti-Bitcoin stance draws community ire: ‘True declaration of war’ appeared on BitcoinEthereumNews.com.
ECB officials claimed that BTC’s rally will make non-holders and latecomers poor. The crypto community criticized the report that called for a policy against BTC. Over the weekend, the European Central Bank (ECB) hit the headlines following its top officials’ anti-Bitcoin [BTC] report and calls for its ‘disappearance.’ They claimed the BTC price surge would lead to wealth redistribution from latecomers and non-holders to early adopters. According to the report, this would impoverish latecomers and holders, as early adopters would dominate holdings and wealth. Source: SSRN According to ECB officials Jurgen Schaff and Ulrich Bindseil, non-holders should advocate for anti-BTC policies or campaign for it to ‘disappear’ altogether. Part of their research read, “In any case, current non-holders should realise that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether.” Is the ECB declaring war on BTC? The crypto community slammed the report, while some warned it could signal the ECB’s war on BTC. Tuur Demeester, a BTC analyst, claimed that the research was ECB’s declaration of war on the digital asset. He stated, “This new paper is a true declaration of war: the ECB claims that early #bitcoin adopters steal economic value from latecomers. I strongly believe authorities will use this luddite argument to enact harsh taxes or bans.” Demeester cited the push by the authors for legislation as one of the compelling reasons for his projection. “Then they go on to brazenly advocate for legislation … “to prevent bitcoin prices from rising or to see bitcoin disappear altogether” in order to prevent “the division of society.” Source: SSRN On his part, Max Keiser, a BTC maximalist and senior advisor to El Salvador’s president Nayib Bukele on all matters Bitcoin, referred to…
Filed under: News - @ October 20, 2024 9:02 pm