Two European Central Bank (ECB) officials are doubling down on their criticism of Bitcoin, saying its “fair value” is zero, despite the recent surge in price and the approval of spot Bitcoin ETFs in the US.
Bitcoin has failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation.
The recent approval of an ETF doesn’t change the fact that Bitcoin is costly, slow and inconvenient, argues #TheECBBloghttps://t.co/e9Ek01Dism pic.twitter.com/ddBFsv4g0w
— European Central Bank (@ecb) February 22, 2024
Ulrich Bindseil and Jürgen Schaaf, writing in a blog post, dismiss the developments as mere noise and reiterate their long-held stance that Bitcoin’s “fair value is still zero.”
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Their skepticism comes despite the success of the Bitcoin ETFs, which have attracted over $3 billion in net flows and fueled speculation about an Ethereum ETF.
They argue that the enthusiasm is misplaced and that Bitcoin’s current price and market capitalization simply reflect the “social damage” that will occur when the bubble bursts.
This isn’t the first time Bindseil and Schaaf have voiced their concerns about Bitcoin.
In November 2022, they declared it on the “road to irrelevance,” citing slow and expensive transactions, unsuitable investment characteristics, and environmental concerns related to mining.
They further criticize Bitcoin for its alleged history of price manipulation and fraud. Bitcoin has gained almost 200% since their blog post was published.
Their latest blog post has sparked strong reactions on Crypto Twitter, with some users expressing disbelief and others engaging in heated debates.
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