The European Central Bank (ECB) is pushing for legislation against Bitcoin (BTC), claiming that it is financially impoverishing the rest of society every time the crypto tycoons come together. We are calling on the people to support us.
The ECB says in a new research paper that the top crypto asset by market capitalization has strayed from the original vision of its mysterious pseudonymous creator Satoshi Nakamoto to provide the world with a better way to make digital payments. states.
“Nakamoto’s (2008) original promise to provide the world with a better global payment method has not materialized. Instead, the focus has shifted to Bitcoin as an investment asset with the potential for high capital gains. It's moving more and more.
Since Bitcoin does not increase the productive capacity of the economy, the consequences of its supposed continued increase in value are redistributive in nature. In other words, the impact of wealth on the consumption of early Bitcoin holders comes only at the expense of the consumption of the rest of society.
If the price of Bitcoin rises forever, its existence will impoverish non-holders and latecomers. ”
The authors of the ECB paper argue that Bitcoin exists to extract value from latecomers and non-holders. For this reason, the ECB is calling on the public to persuade politicians to pass legislation that would “extinguish” BTC.
“In any case, current non-holders have compelling reasons to oppose Bitcoin and insist on legislation against Bitcoin, with the aim of either stopping the price of Bitcoin from rising or seeing Bitcoin disappear completely. Latecomers, non-holders, and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their own expense. It is.”
At the time of writing, Bitcoin was trading at $69,200, up more than 1% in the past 24 hours.
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