Posted 2/22/2024, 2:45:00 PM
ECB Dismisses Bitcoin as Failed Currency and Investment Due to Lack of Use and Price Manipulation
- ECB officials say bitcoin has failed as a currency and investment, citing lack of use for payments and price manipulation
- They argue bitcoin has no inherent value like stocks, commodities, gold, or art
- Bitcoin made legal tender in El Salvador but has not succeeded as a payment method there
- ECB claims recent bitcoin price resilience is due to manipulation techniques like wash trading
- Study cited that over 50% of daily bitcoin trading volume in 2022 was likely fake