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ECB: Bitcoin is on the «road to irrelevance»


十二月, 01 2022
watermark Economic news

ECB representatives are confident that bitcoin is on the verge of losing relevance, and signs of this were visible even before the collapse of the FTX. 


Economists note that bitcoin approached a dead end even before the collapse of FTX, because its technological capabilities are extremely questionable, and transactions using it are slow. 


Today, the bitcoin exchange rate paired with the US dollar has risen sharply from $16,703 to $17,335. However, the ECB considers this jump an «artificially induced last gasp before the road to irrelevance». Recently, the price of BTC has fluctuated around $20 thousand after falling earlier this year to $17 thousand from an annual maximum of $69 thousand.


Analysts believe that bitcoin's ambiguous reputation is based on the fact that this cryptocurrency is mostly not used for legal purposes in the real world. Also, bitcoin is not suitable as an investment (since it does not generate cash flow or dividends), cannot be used as productively as commodities, and does not have social advantages like gold. The price of bitcoin depends solely on speculation and is fueled by hype from large investors and lobbyists.


At the end of 2020, when bitcoin reached its historical maximum, individual companies began to promote this cryptocurrency at the corporate expense. Today, some venture capital firms are still investing heavily in bitcoin. However, the ECB is confident that bitcoin, although it is the world's largest cryptocurrency by market capitalization, still poses a risk to the reputation of banks.


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外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。