Bitcoin Report from the European Central Bank! Is BTC Successful?

bitcoin despite the steep declines, BTC Its use and adoption continues to increase day by day.

The acceptance of BTC by both retail and institutional investors and countries is interpreted as an indication that Bitcoin is permanent.

BTC As he continues on his way, albeit with ups and downs, European Central Bank “Bitcoin latest situation” evaluation came from the officials.

ECB officials Ulrich Bindseil and Jürgen Schaaf In the report penned by Bitcoin, it was stated that Bitcoin was created in 2008 by the pseudonym Satoshi Nakamoto to overcome the current monetary and financial system.

Firstly bitcoinReferring to the price of Bitcoin, officials said that BTC bulls appeared in the ability to keep Bitcoin in the $16,000-20,000 range amid the crypto crash.

While BTC seems to be emboldened by the strength of the bulls, Bindseil and Schaff believe that BTC’s fall from about $69,000 in 2021 to $ 20,000 and the so-called price stability. “The artificially triggered last breath before the road to irrelevance” described as.

“Bitcoin Is Not A Payment Tool!”

Claiming that Bitcoin has many shortcomings, Bindseil and Schaaf argue that BTC’s conceptual design and technological failures BTCHe stressed that it makes ‘as a means of payment questionable.

ECB officials also pointed out that BTC is rarely used in legal transactions and poses a reputational risk for banks.

“Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used significantly for legitimate real-world transactions.

In this context, Bitcoin’s market value is based entirely on speculation.

Therefore, Bitcoin should neither be considered legally nor justified, as it does not seem appropriate either as a payment system or as a form of investment.”

“They Get Bitcoin and Cryptocurrency Regulations Wrong!”

ECB officials finally bitcoin and cryptocurrencyHe stated that the regulatory studies carried out and planned to be carried out in the past were understood to mean that BTC or cryptocurrencies were approved, but this was wrong.

Noting that the number of crypto lobbyists in the US has increased from 115 in 2018 to 320 in 2020, officials said, “While the number of supporters of Bitcoin and crypto is increasing, the risks of crypto assets are not discussed among regulators.” said.

To these thoughts in July Financial Stability Board (FSB) “calls for cryptocurrencies and their markets to be subject to regulation and supervision commensurate with the risks they bear under the same risk, the same regulatory view” exemplified the report.