ECB Dismisses Bitcoin as Speculative Bubble, While Crypto Market Awaits Impact of Halving Event
• ECB officials argue bitcoin is not suitable as a payment method or investment, calling it a speculative bubble with a "fair value of zero"
• Recent crypto ETF approvals don't directly make bitcoin more valuable, but allow more speculation without intermediaries
• ECB has focused on developing a central bank digital currency to provide a secure alternative to private cryptos
• ECB blog claims the crypto price rally stems from manipulation in an unregulated market, growing criminal demand, and authorities' misjudgments
• Some analysts recommend buying bitcoin ahead of upcoming "halving" event, which has preceded price climbs though impact this time is uncertain