What The ECB Gets Wrong About Bitcoin
In a recent paper, researchers from the European Central Bank make a handful of claims about Bitcoin that lack context, nuance and/or evidence. I’m here to shed light on what they got wrong.
Last week, Ulrich Bindseil and Jürgen Schaaf of the European Central Bank (ECB) published a paper entitled “The distributional consequences of Bitcoin” in which they made a host of dubious claims about Bitcoin.
The notions that those who are late to investing in bitcoin are impoverished by those who were early to investing in it and that Bitcoin has failed as a payments technology are the authors’ central arguments.
Bitcoin analyst Tuur Demeester sounded the alarm about the report on X.
1/ This new paper is a true declaration of war: the ECB claims that early #bitcoin adopters steal economic value from latecomers. I strongly believe authorities will use this luddite argument to enact harsh taxes or bans. Check
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