The European Central Bank (ECB) has recently released a research paper urging the public to advocate for legislation against Bitcoin (BTC). The ECB argues that Bitcoin no longer serves its original purpose of providing a better global means of payment, as envisioned by its creator, Satoshi Nakamoto. Instead, the focus has shifted towards Bitcoin being viewed as an investment asset that promises high capital gains.
According to the ECB, the continuous increase in the value of Bitcoin has redistributive consequences, with early holders benefiting at the expense of non-holders and latecomers. The authors of the paper claim that Bitcoin exists to extract value from those who do not hold it, and therefore, they are calling on the public to push for laws that would force Bitcoin to “disappear.”
The ECB emphasizes that non-holders and latecomers have a vested interest in opposing Bitcoin and advocating for legislation against it. They believe that the idea of Bitcoin as an investment relies on redistributing wealth at the expense of those who do not hold it. The ECB suggests that the public should work towards preventing Bitcoin prices from rising or even advocating for the complete disappearance of Bitcoin.
At the time of writing, Bitcoin is trading at $69,200, showing a 1% increase in the last 24 hours. The ECB’s stance on Bitcoin has sparked a debate within the cryptocurrency community, with some supporting the call for legislation against Bitcoin, while others defend the decentralized nature of the cryptocurrency.
In conclusion, the ECB’s research paper highlights the growing concerns surrounding Bitcoin and its impact on society. It remains to be seen how this call for legislation against Bitcoin will be received by the public and policymakers. Stay updated on the latest developments by subscribing to our email alerts and following us on social media platforms like Twitter, Facebook, and Telegram.