Two European Central Bank officials were hardly impressed by the US approval of a spot Bitcoin ETF.
The U.S. Securities and Exchange Commission (SEC) has approved 11 spot Bitcoin ETFs that will begin trading in January. Since then, the fund has surpassed more than $3 billion in net inflows and logged more than $1 billion in deposits in just one week, sparking speculation that an Ethereum ETF could be next.
“For investors, this official approval confirms that investing in Bitcoin is safe and the preceding rally is evidence of an unstoppable victory,” ECB officials Ulrich Bindseil and Jurgen Schaaf wrote in a blog post on Thursday. ” he wrote. “We disagree with both claims and reiterate that Bitcoin’s fair value remains zero.”
The ECB’s message linked to the blog post drew a very sharp and colorful response from Crypto Twitter.
This is not a new sentiment for Bindseil and Schaaf. In November 2022, they declared that Bitcoin was on a “path to indifference” and that there was a lot to see even before the cryptocurrency exchange FTX went bankrupt.
The main complaints about BTC are that transactions are slow and expensive, that it is not a suitable investment, and that Bitcoin mining, the mechanism that protects the network, continues to “pollute the environment on the same scale as an entire country.” “
The authors also say that Bitcoin has always been “characterized by price manipulation and other types of fraud.”
To address the elephant in the room, or what they call the bouncing dead cat, the authors argued that BTC’s soaring price and increasing market capitalization are just a measure of the “overall societal damage that will occur when the house of cards falls.” “
As of this writing, Bitcoin’s market cap is $1 trillion and BTC is trading at $51,645.91, according to CoinGecko data. This is up 0.4% from yesterday and 1.7% lower than this time last week.
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