{"id":116565,"date":"2024-10-21T04:35:45","date_gmt":"2024-10-20T21:35:45","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=116565"},"modified":"2024-10-21T04:35:45","modified_gmt":"2024-10-20T21:35:45","slug":"ecbs-anti-bitcoin-stance-draws-community-ire-true-declaration-of-war","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=116565","title":{"rendered":"ECB&#8217;s anti-Bitcoin stance draws community ire: &#8216;True declaration of war&#8217;"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">ECB officials claimed that BTC\u2019s rally will make non-holders and latecomers poor.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">The crypto community criticized the report that called for a policy against BTC.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Over the weekend, the European Central Bank (ECB) hit the headlines following <span style=\"margin: 0px; padding: 0px;\">its top officials\u2019 anti-<a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> report and calls for its \u2018disappearance.\u2019<\/span> <\/span><\/p>\n<p><span style=\"font-weight: 400;\">They claimed the BTC price surge would lead to wealth redistribution from latecomers and non-holders to early adopters. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the report, this would impoverish latecomers and holders, as early adopters would dominate holdings and wealth.\u00a0<\/span><\/p>\n<div id=\"attachment_434950\" style=\"width: 1858px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-434950\" class=\"size-full wp-image-434950\" alt=\"ECB Bitcoin\" width=\"1848\" height=\"1116\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB.png 1848w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-300x181.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-1024x618.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-768x464.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-1536x928.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-1200x725.png 1200w\" data-lazy-sizes=\"(max-width: 1848px) 100vw, 1848px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-434950\" class=\"size-full wp-image-434950\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB.png\" alt=\"ECB Bitcoin\" width=\"1848\" height=\"1116\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB.png 1848w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-300x181.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-1024x618.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-768x464.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-1536x928.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/total-BTC-wealth-ECB-1200x725.png 1200w\" sizes=\"auto, (max-width: 1848px) 100vw, 1848px\"\/><\/a><\/p>\n<p id=\"caption-attachment-434950\" class=\"wp-caption-text\">Source: SSRN<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">According to ECB officials Jurgen Schaff and Ulrich Bindseil, non-holders should advocate for anti-BTC policies or campaign for it to \u2018disappear\u2019 altogether. Part of their research <\/span><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4985877\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400;\">read<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cIn any case, current non-holders should realise that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n<h2>Is the ECB declaring war on BTC?<\/h2>\n<p><span style=\"font-weight: 400;\">The crypto community slammed the report, while some warned it could signal the ECB\u2019s war on BTC. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Tuur Demeester, a BTC analyst, claimed that the research was ECB\u2019s declaration of war on the digital asset. He <\/span><a href=\"https:\/\/x.com\/TuurDemeester\/status\/1847512241173582058\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">stated<\/span><\/a><span style=\"font-weight: 400;\">,\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cThis 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.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Demeester cited the push by the authors for legislation as one of the compelling reasons for his projection.\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cThen they go on to brazenly advocate for legislation \u2026 \u201cto prevent bitcoin prices from rising or to see bitcoin disappear altogether\u201d in order to prevent \u201cthe division of society.\u201d<\/span><\/p>\n<\/blockquote>\n<div id=\"attachment_434952\" style=\"width: 1994px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-434952\" class=\"size-full wp-image-434952\" alt=\"ECB Bitcoin\" width=\"1984\" height=\"1002\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy.png 1984w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-300x152.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-1024x517.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-768x388.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-1536x776.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-1200x606.png 1200w\" data-lazy-sizes=\"(max-width: 1984px) 100vw, 1984px\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy.png\"\/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-434952\" class=\"size-full wp-image-434952\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy.png\" alt=\"ECB Bitcoin\" width=\"1984\" height=\"1002\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy.png 1984w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-300x152.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-1024x517.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-768x388.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-1536x776.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/ECB-BTC-policy-advocacy-1200x606.png 1200w\" sizes=\"auto, (max-width: 1984px) 100vw, 1984px\"\/><\/a><\/p>\n<p id=\"caption-attachment-434952\" class=\"wp-caption-text\">Source: SSRN<\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">On his part, Max Keiser, a BTC maximalist and senior advisor to El Salvador\u2019s president Nayib Bukele on all matters Bitcoin, <\/span><a href=\"https:\/\/x.com\/maxkeiser\/status\/1847617909394460910\" target=\"_blank\" rel=\"noopener nofollow external noreferrer\" data-wpel-link=\"external\"><span style=\"font-weight: 400;\">referred<\/span><\/a><span style=\"font-weight: 400;\"> to the report as the ECB\u2019s \u2018failed IQ test\u2019 on the digital asset.\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cBitcoin is an IQ test. The ECB failed.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Well, this wasn\u2019t the first time the regulator has criticized BTC. In February 2024, it <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoins-fair-value-why-does-the-ecb-have-a-problem-with-it\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">stated<\/span><\/a><span style=\"font-weight: 400;\"> that the asset had no intrinsic value and was a bubble that would eventually burst and cause massive social damage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Later in June, Fabio Panetta, a former ECB executive and current Governor of the Bank of Italy, <\/span><a href=\"https:\/\/ambcrypto.com\/crypto-bound-to-fail-according-to-this-banking-executive\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">called<\/span><\/a><span style=\"font-weight: 400;\"> for other banks to block crypto as it was bound to fail. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, the regulator even <\/span><a href=\"https:\/\/www.ecb.europa.eu\/press\/blog\/date\/2024\/html\/ecb.blog20240222~0929f86e23.en.html\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400;\">criticized<\/span><\/a><span style=\"font-weight: 400;\"> the US move to approve spot BTC ETFs in Q1 2024.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That said, some viewed the regulator\u2019s anti-BTC thesis as an acknowledgment of the asset\u2019s future explosive run. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/x.com\/100trillionUSD\/status\/1847658149009883538\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener noreferrer\"><span style=\"font-weight: 400;\">Plan C<\/span><\/a><span style=\"font-weight: 400;\">, a market analyst, BTC was the solution to the regulator\u2019s money printing (inflation) as a global easing cycle begins.\u00a0<\/span><\/p>\n<blockquote>\n<p><span style=\"font-weight: 400;\">\u201cThis new ECB paper also contains a hidden signal: ECB knows for a fact that \u201cBitcoin will rise for good\u201d because ECB knows for a fact that central banks will have to start printing ungodly amounts of money soon, and forever.\u201d<\/span><\/p>\n<\/blockquote>\n<div class=\"post-nav\">\n<div class=\"next-blog\">\nNext: <a href=\"https:\/\/ambcrypto.com\/aave-sees-675-surge-in-optimism-users-whats-going-on\/\" rel=\"prev\" data-wpel-link=\"internal\">Aave sees 675% surge in Optimism users: What\u2019s going on?<\/a> <\/div>\n<\/div>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/ambcrypto.com\/ecbs-anti-bitcoin-stance-draws-community-ire-true-declaration-of-war\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ECB officials claimed that BTC\u2019s rally will make non-holders and latecomers poor.\u00a0 The crypto community criticized the report that called for a policy against BTC.\u00a0 Over the weekend, the European &hellip; 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