ECB accuses Bitcoin of misdistributing wealth
ECB accuses Bitcoin of misdistributing wealth
The European Central Bank (ECB) has highlighted negative consequences from the growing popularity of Bitcoin. The regulator considers Bitcoin a speculative asset, which, even if it continues to grow, will not benefit the European economy or the citizens of the EU.
This is outlined in the ECB report titled "The Distributive Effects of Bitcoin," where the central bank assessed the impact of the leading digital asset on wealth distribution.
The document notes that Bitcoin’s creator, Satoshi Nakamoto, was unable to provide the world with a superior global payment system. Instead, Bitcoin is now perceived as an investment asset, promising high capital gains.
However, the ECB believes that Bitcoin does not contribute to economic growth, and the rise in BTC prices only enriches early investors while "impoverishing both those who do not own it and those who joined later."
Reaction from the Bitcoin Community
Members of the Bitcoin community reacted strongly to the ECB's report, deeming it manipulative and politically biased.
In particular, Bitcoin analyst Tuur Demeester, in a series of posts on the social network X, called the ECB report "a declaration of war." In his opinion, the regulator is using the argument that "early Bitcoin investors steal economic value from latecomers" as a potential reason to introduce heavy taxes and restrictions.
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"In all the years I've followed the Bitcoin space, this is, without a doubt, the most aggressive article from authorities. It's clear that these central bank economists now see Bitcoin as an existential threat that needs to be attacked by any means possible," he wrote.
The analyst believes that this will escalate into a clash between those who defend individual rights and those who "cling to failed ideologies of collectivism and centralized planning."
It’s worth noting that the ECB has long criticized Bitcoin, as it has been working on developing a digital euro for several years now.
Read also: Commissions for BTC transactions increase by 200%
