ECB's Bitcoin Bashing Sparks Crypto Community's Fury The European Central Bank (ECB) dealt a blow to
Bitcoin, likening it to a "dead cat" and highlighting its darknet criminal connections. But this criticism has not gone down well with the
crypto community, who are questioning the ECB's credibility.
Bitcoin's Broken Promise: The ECB's blog post laments that Bitcoin has fallen short of its original vision as a global decentralized currency, with limited real-world use and mainstream adoption.
Mining Misgivings: The ECB also takes aim at Bitcoin mining, flagging the environmental impact of its energy-intensive proof-of-work mechanism. It claims that the network's power consumption rivals that of small nations.
Not So Investment-Worthy: According to the ECB, Bitcoin lacks the cash flow and liquidity appeal of traditional investments, suggesting that its price is largely driven by FOMO-fueled retail investors.
ETF Enigma: The ECB even questions the recent SEC approval of a Bitcoin ETF, arguing that it doesn't change the fact that Bitcoin's fair value remains close to zero.
