The European Central Bank (ECB) is asking the public to advocate for laws against Bitcoin (BTC), claiming that every time the crypto king gathers, it financially drains the rest of society.
In a new research paper, the ECB says the top crypto assets by market capitalization have strayed from the original vision of Satoshi Nakamoto, its mysterious pseudonymous creator, to provide the world with a superior way to make digital payments.
“Nakamoto’s (2008) original promise to provide the world with a better global means of payment has not materialized. Instead, the focus has increasingly shifted to Bitcoin as an investment asset that promises high capital gains.
Because Bitcoin does not increase the productive potential of the economy, the consequences of the assumed continued increase in value are essentially redistributive, i.e. the wealth effects on the consumption of early Bitcoin holders can only come at the expense of the consumption of the rest of the society.
If the price of Bitcoin rises for good, Bitcoin’s existence will impoverish non-holders and latecomers alike.”
The authors of the ECB article claim that Bitcoin exists to extract value from latecomers and non-holders. For this reason, the ECB urges the general public to convince politicians to pass legislation that will force BTC to ‘disappear’.
“In any case, current non-holders should realize that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, with the aim of preventing Bitcoin prices from rising or seeing Bitcoin disappear altogether. Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment is dependent on redistribution at their expense.”
Bitcoin is trading at $69,200 at the time of writing, up more than 1% in the past 24 hours.
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