By Bitcoin.com - 1 ka tuig ang milabay - Oras sa Pagbasa: 4 ka minuto
Ang ECB Blog Post Nag-insistir nga Kini 'BitcoinAng Katapusan nga Pagbarug,' Giangkon sa mga Opisyal nga Ang BTC Nagpadulong Ngadto sa 'Irrelevance'
On Wednesday, Nov. 30, 2022, a blog post published by the European Central Bank (ECB) discusses bitcoin and the authors Ulrich Bindseil and Jürgen Schaaf seem to believe its “bitcoin’s last stand.” The ECB authors further say that while bitcoin’s price has consolidated and stabilized, the central bank officials remarked that “it is an artificially induced last gasp before the road to irrelevance.”
Members of Europe’s Central Bank Believe They Predicted Bitcoin Would Be Heading Toward ‘Irrelevance’ Before FTX Went Bust
Two members of Europe’s central bank, Ulrich Bindseil, the director general of the ECB’s market infrastructure and payments division, and Jürgen Schaaf, an advisor to the ECB’s payments sector, published a blog post about the leading crypto asset bitcoin (BTC).
Ang ECB blog post gitawag nga "Bitcoin’s Last Stand, "ug ang mga magsusulat nag-angkon nga ang crypto asset nahimong wala'y kalabutan. Gipatin-aw kana nila Bindseil ug Schaaf BTC’s price has dropped 76% lower than the $69K all-time high, and the authors have noticed bitcoin proponents think BTC mao ang pagkuha sa usa ka "pagginhawa sa dalan sa bag-ong mga kahitas-an."
The ECB authors do not believe this will be the case this time around. “More likely, however, it is an artificially induced last gasp before the road to irrelevance,” the ECB blog post’s authors insist. “And this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000.”
The members of the European Central Bank further opine that “bitcoin has never been used to any significant extent for legal real-world transactions.” The ECB’s blog post adds:
Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation.
ECB Officials Say Banks That Promote Bitcoin Bear ‘Reputational Risk,’ Blog Post Insists Regulation Does Not Represent ‘Approval’
The authors don’t necessarily use the terms, but Bindseil and Schaaf relate bitcoin to a Ponzi or pyramid scheme, as the authors stress that “speculative bubbles rely on new money flowing in.”
“Big Bitcoin investors have the strongest incentives to keep the euphoria going,” the blog post’s writers insist. While regulatory policy has grown around cryptocurrency assets, the two ECB officials believe that “regulation can be misunderstood as approval.” Bindseil and Schaaf are not too keen on the idea that the crypto space should be allowed to innovate “at all costs.”
Bitcoin’s innovative value, the ECB authors say has been very little compared to the risks that allegedly outweigh innovation. The ECB paper states:
Una, kini nga mga teknolohiya sa pagkakaron nakamugna og limitado nga bili alang sa katilingban - bisan unsa ka dako ang mga gilauman alang sa umaabot. Ikaduha, ang paggamit sa usa ka promising nga teknolohiya dili igo nga kondisyon alang sa dugang nga kantidad sa usa ka produkto nga gibase niini.
Lastly, the central bank executives think that banks that promote bitcoin will bear reputational risk. The ECB members say that because they believe bitcoin is not a suitable investment nor a payment system, “it should be treated as neither in regulatory terms and thus should not be legitimised.”
Ang post sa blog ni Bindseil ug Schaaf parehas kaayo sa mga opinyon nga gihuptan sa mga tawo nga gusto Peter Schiff, Charlie Munger, ug ang ginatos nga gitawag bitcoin mga kalagdaan gimantala sulod sa mga katuigan. Bisan pa sa post sa opinyon sa ECB, adunay daghang mga indibidwal, mga papeles sa akademiko, ug mga kompanya nga kinasingkasing nga dili mouyon sa duha ka mga executive sa sentral nga bangko.
Ang global blockchain lider sa EY, Paul Brody, bag-o lang miingon nga kini nga tingtugnaw sa crypto usa ka "mas malumo nga tingtugnaw sa crypto kaysa sa miaging tingtugnaw." Giingon usab ni Brody nga ang pag-usab-usab sa presyo sa crypto nakaapekto sa pagtubo sa industriya nga labi ka gamay karon nga mga adlaw. "Sa una nga higayon, ang pagtaas ug pag-us-os sa presyo wala’y dako nga epekto sa dugay nga pag-uswag sa industriya," ingon ni Brody.
Dugang pa, usa ka papel published by Matthew Ferranti, a Harvard Ph.D. candidate in economics, says that banks should hold a little bitcoin. Ferranti said that even central banks should consider holding bitcoin, and more specifically, central banks struggling with financial sanctions depending on the financial institution’s accessibility to gold reserves.
What do you think about the ECB’s blog post about Bitcoin’s so-called ‘last stand?’ Do you agree with the officials from Europe’s central bank? Let us know your thoughts about this subject in the comments section below.
Ang orihinal nga tinubdan: Bitcoin.com