The European Central Bank (ECB) is asking the public to advocate for laws against Bitcoin (BTC), claiming that every time the crypto king rallies, it financially drains the rest of society.
In a new research paper, the ECB says that the top crypto asset by market cap has strayed away from the original vision of Satoshi Nakamoto, its mysterious pseudonymous creator, which was to give the world a superior way of making digital payments.
“The original promise of Nakamoto (2008) 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 promising high capital gains.
Since 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 consumption of early Bitcoin holders can only come at the expense of consumption of the rest of society.
If the price of Bitcoin rises for good, the existence of Bitcoin impoverishes both 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 urges the general public to convince politicians to pass legislation that forces 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, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether. Latecomers and non-holders and their political representatives should emphasize that the idea of Bitcoin as an investment relies on redistribution at their expense.”
Bitcoin is trading for $69,200 at time of writing, up over 1% during the last 24 hours.
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