tl;dr
Jürgen Schaaf, an adviser to the Senior Management of the Market Infrastructure and payments business area of the ECB, criticized Bitcoin as a speculative bubble that will eventually burst, leading to substantial social damage. He claimed that long-term BTC holders make newer market participants poo...
ECB adviser Jürgen Schaaf labels Bitcoin a speculative bubble that will lead to substantial social damage and wealth redistribution effects.
CEO Steven Smith counters the ECB's view, arguing that BTC's value is determined by market dynamics, not intervention.
Central banks oppose Bitcoin due to its decentralized nature, which threatens their control over monetary value and debt management. Jürgen Schaaf, an adviser to the Senior Management of the Market Infrastructure and payments business area of the ECB, criticized Bitcoin as a speculative bubble that will eventually burst, leading to substantial social damage. He claimed that long-term BTC holders make newer market participants poorer and proposed eliminating Bitcoin to curb its growth. Steven Smith, CEO of Celestial Mining Management, countered that the value of BTC is determined by marginal sellers and buyers, emphasizing its decentralized nature. Central Banks, aiming to control debts and monetary value, view decentralized assets like Bitcoin as a major threat. They are pushing for programmable digital currencies but face opposition from advocates of Bitcoin.
The article also includes sponsored content and editorial pieces on cryptocurrency-related topics. In a post on X on Oct. 20, adviser to the Senior Management of the Market Infrastructure and payments business area of the ECB, Jürgen Schaaf, labeled Bitcoin “a speculative bubble that will eventually burst.” He claimed that this would leave behind “substantial social damage amid its high energy use and facilitating illicit payments.” The anti-Bitcoin tirade follows a paper from the European Central Bank, co-written by Schaaf last week, claiming that long-term BTC holders were making newer market participants poorer.
Steven Smith, CEO of Celestial Mining Management, made a good counterargument in that the marginal sellers and buyers determine the value of BTC. “The whole point is that we don’t have bureaucrats bloviating or intervening at everyone else’s expense based on what they think is ‘fair’ or ‘good’ or whatever.” He added that simple properties such as this make BTC so valuable that a sufficient portion of humanity will choose to store their wealth in it “as opposed to other instruments which people like you directly or indirectly control through the debt-money systems.”
Central Banks are all about controlling debts and monetary value, so decentralized assets controlled by the people are a major threat to them. Furthermore, the ECB is pushing a programmable digital euro CBDC (central bank digital currency) that will be highly controlled and used only for payments , not investing or holding. The United States Federal Reserve Bank of Minneapolis suggested something similar in a paper last week. Bitcoin should be taxed or banned because it prevents the government from effectively managing its debts through “permanent deficits,” it claimed. In reality, central bank and government money printing and questionable fiscal policies make people poorer through inflationary cycles and the gradual devaluation of their fiat currencies, not Bitcoin.
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