Bitcoin on the road to irrelevance according to ECB Director General

Bitcoin deemed not suitable as a payment system or investment class and ‘should not be treated as either in regulatory terms’.

The stabilisation of the bitcoin price since June 2022 “is an artificially induced last gasp before the road to irrelevance” according to Ulrich Bindseil, ECB Director General, and Jürgen Schaff, an ECB Adviser, who have published a provocative post on the cryptocurrency on the ECB blog today.

The authors point

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