CoinWorld reports:
The European Central Bank (ECB) is calling on the public to advocate against the legality of Bitcoin (BTC), claiming that every time this cryptocurrency king gathers, it economically depletes other parts of society.
In a new research paper, the ECB states that the highest-valued crypto asset has deviated from its mysterious anonymous creator Satoshi Nakamoto’s original vision of providing the world with a superior digital payment method.
“Nakamoto (2008) initially promised to provide a better global payment system for the world, but this promise has not been fulfilled. Instead, people’s attention is increasingly turning to Bitcoin as an investment asset expected to bring high capital returns.
Since Bitcoin does not increase the economic production potential, the consequences of assuming the value will continue to grow are essentially redistributive, meaning the wealth impact of early Bitcoin holders’ consumption can only come at the expense of sacrificing the consumption of others in society.
If the price of Bitcoin continues to rise indefinitely, its existence will impoverish both non-holders and newcomers.”
The authors of the ECB paper believe that the existence of Bitcoin is to extract value from newcomers and non-holders. Therefore, the ECB urges the public to persuade politicians to legislate for the disappearance of BTC.
“Regardless, current non-holders should be aware that they have ample reason to oppose Bitcoin and advocate legislation against it, aimed at preventing the price of Bitcoin from rising or seeing Bitcoin disappear altogether. Newcomers and non-holders, along with their political representatives, should emphasize that the idea of Bitcoin as an investment relies on redistributing at their expense.”
At the time of writing this article, the trading price of Bitcoin is $69,200, up over 1% in the past 24 hours.
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