The European Central Bank says that bitcoin is “rarely used for legal transactions” and is on the “road to irrelevance”, without citing any strong data points
European Central Bank officials alleged on Wednesday that bitcoin is “rarely used for legal transactions …
The ECB strengthens the official case for treating bitcoin primarily as a risk and regulatory concern, rather than as a payments alternative, for European policymakers and financial institutions.
Bitcoin’s use in transactions becomes a sharper point of contest between the ECB and crypto advocates because the bank’s claim is not accompanied by strong supporting data in the report.
Second-order effects
A digital euro gains clearer strategic framing inside the ECB: it is positioned not only as a public-money project but as a response to private cryptocurrencies competing for payment use.
If central banks continue to define crypto chiefly through consumer protection, monetary control, and payment utility, legitimacy in the sector will increasingly depend on regulatory alignment rather than market adoption alone.
The trend: European monetary authorities are drawing a sharper boundary between state-backed digital money and cryptocurrencies whose payment claims they regard as unproven.
The apparent stabilisation of bitcoin's value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets. Read more https://www.ecb.europa.e…
The European Central bank (@ecb) covered Bitcoin on their blog today. It said bitcoin is 'rarely used" for “legal” transactions. But offered no statistic to back it. So went down the rabbithole. Time for some numbers ☕️ https://twitter.com/...
Yes, but only if @Tether_to is actually brought to justice. You know, the company with deep ties to Italy, one of your member states @ecb https://twitter.com/...
Setting aside the ECB's Bitcoin price prediction, I think this is spot on. Basically all of crypto is predicted on this logic, that because of Satoshi's innovation in computer science, that it's only a matter of time before people find something that it must be good for. https://…
Really strong words from the ECB on #bitcoin here. The central bank says BTC's recent price increase is likely an “artificially induced last gasp before the road to irrelevance.” https://www.ecb.europa.eu/...
@ecb The apparent stabilisation of THE EUROZONE is likely to be an artificially induced last gasp before the continent embarks on a road to irrelevance. #TheUdiverse looks at where europoors stand amid widespread volatility in the global markets.
First, I thought this was a parody account, but no. This is a pure propaganda piece from the @ecb , attack against economic freedom, what the #CentralBanks are currently waging. You failed 🫵. Now it's our responsibility to create whatever monetary system we like.😤 #Bitcoin https:…
- Jürgen the ECB has one of the worst crisis since its inception. - Don't worry Ulrich let's write something about Bitcoin to divert attention from our failures. Works every time. https://twitter.com/... https://twitter.com/...
ECB not pulling its punches here. - Bitcoin is rarely used for legal transactions - Regulation can be misunderstood as approval - Promoting Bitcoin bears a reputational risk for banks https://twitter.com/...