Ulrich Bindseil, director general of market infrastructure and payments at the ECB, and Jürgen Schaaf, advisor to the senior management of the bank’s market infrastructure and payments area, assure in an article published on the ECB blog that Bitcoin will fall and that promoting it It will represent a serious risk of prestige.
They begin their text by assuring that Bitcoin has an artificial value, and that the current apparent stability is only a pause on its way to total irrelevance.
It is not the first time that different voices assure the death of Bitcoin, since its creation an infinity of articles have been written that predict the death of the main cryptocurrency. However, Bitcoin has maintained constant growth, which today exceeds 5 thousand percent in the last 10 years.
In the ECB article, they claim that Bitcoin is rarely used to carry out legal transactions. This may have been true five or seven years ago, but the reality is that today many businesses and people use this payment method to make various transactions around the world.
Personally, I have paid for different services and products with this digital currency and I prefer to receive payments with Bitcoin, over any other fiat or digital currency.
Another of the arguments against Bitcoin is that transactions are cumbersome, slow and expensive. This was also true a few years ago, however, the Bitcoin network is constantly evolving and it is becoming easier and cheaper to use it.
The energy cost of the entire network is also a point that ECB officials highlight, and although it does require a lot of resources to keep Bitcoin running, it is not comparable to the amount of energy it takes to maintain the current financial system.
Another of the criticisms that they expose is that Bitcoin does not serve as an investment mechanism, since it does not generate a cash flow or dividends, on this point they are right, but nobody has said otherwise. Bitcoin is not an investment instrument, but a store of value. The best in the world right now.
The arguments of these officials lack a deep analysis of the technology that supports Bitcoin and its characteristics. Although no one can accuse them of being stupid, I am almost sure that they know the enormous potential that this cryptocurrency has.
The article seems more like a desperate attempt, with empty and flimsy arguments, to try to maintain the status quo of the authors, which is increasingly threatened. It is the BEC, along with many other banking institutions, that have us plunged into another unprecedented financial crisis, breaking inflation records around the world.
The main reason why Bitcoin was created was, precisely, to avoid financial control and our money by centralized institutions that have all the motivations, except our personal well-being.
Bitcoin is not a promise, it is a reality that simply has not managed to spread massively. It is the best money ever created in history and its potential will forever change the entire financial system, our lives and the entire world.
It is not Bitcoin that will stop being used, it will be the banks and traditional currencies that will be irrelevant in a few years. to time.
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Alberto Arroyo