168546676 story European Central Bank officials argued on Wednesday that bitcoin is "rarely used for legal transactions," is fuelled by speculation and the recent erosion in its value indicates that it is on the "road to irrelevance," in a series of stringent criticism (bereft of strong data points) of the cryptocurrency industry as they urged regulators to not lend legitimacy to digital tokens in the name of innovation. From a report:
The value of bitcoin recently finding stability at around $20,000 was "an artificially induced last gasp before the road to irrelevance â" and this was already foreseeable before FTX went bust and sent the bitcoin price to well down below $16,000," wrote Ulrich Bindseil and Jurgen Schaaf on ECB's blog. The central bankers believe that the conceptual design and technological flaws of the currency make it questionable as a payment method. Transactions are slow and expensive in real life. They wrote thatbitcoin has never been used for legal transactions. Cash flow, dividends, and social benefits, like gold, can't be generated by bitcoin. They wrote that the market valuation of the virtual currency is based on speculation.
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