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- Europe Central Bank: Bitcoin failed;
Europe Central Bank: Bitcoin failed;
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/17c6a936-a4e6-4317-822a-3ef8bb92f225/WhatsApp_image.png?t=1705678702)
GM. Today on Money Printer Go Brrr newsletter:
Europe Central Bank: Bitcoin failed;
Spot Ethereum ETFs poses centralization risks;
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/5ea8683c-21fe-451c-88ad-370b2ffa71f4/bitcoineth.png?t=1708679536)
Europe Central Bank: Bitcoin failed
The European Central Bank has wasted its time writing an article about something they consider to have no future.
In this article they came up with ideas that are contradicted by studies and statistics.
The community notes system on platform X, detected the content of the article and came up with counter arguments backed by sources and scientific studies.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/6792cedb-4ecd-41fa-af8e-b6b34dd3dc63/Screenshot_2024-02-23_at_10.56.03.png?t=1708678569)
There are indeed several points and arguments that contradict the ECB's claims about Bitcoin:
Bitcoin's Use in Criminal Activities:
Contrary to the ECB's implications about Bitcoin's use in criminal activities, studies and reports have shown a decrease in the proportion of Bitcoin transactions associated with illegal activities.
Organizations like Chainalysis have reported that illicit activity's share of cryptocurrency transaction volume is relatively low compared to legal uses.Bitcoin's Environmental Impact:
While the ECB criticizes Bitcoin's environmental impact due to its energy-intensive mining process, there's a growing trend towards using renewable energy sources within the Bitcoin mining industry.
Reports suggest that a significant portion of Bitcoin mining now utilizes green energy, which contradicts the narrative of an overwhelmingly negative environmental impact.Bitcoin as a Payment Method:
The ECB's claim about Bitcoin's inefficiency as a payment method is challenged by the development and adoption of solutions like the Lightning Network, which enables faster and cheaper Bitcoin transactions.
This technology addresses concerns about Bitcoin's scalability and transaction costs, making it more viable for everyday transactions.Bitcoin's Investment Value:
Despite the ECB's skepticism about Bitcoin's value as an investment, Bitcoin has been recognized by many investors and institutions as a digital asset with potential for long-term value appreciation.
Its comparison to digital gold and its performance during certain economic conditions has bolstered its reputation among investors.Regulatory and Technological Developments:
The ECB's criticisms may not fully account for ongoing regulatory and technological advancements in the cryptocurrency space that aim to address issues like fraud, manipulation, and transparency.
These developments could enhance Bitcoin's credibility and functionality as both an investment and a means of payment.
These contradictions highlight the ongoing debate and diverse perspectives on Bitcoin's role, value, and impact within the financial ecosystem.
Spot Ethereum ETFs poses centralization risks;
ETHEREUM ETF APPROVAL MAY LEAD TO CONCENTRATION RISKS IN THE ETHEREUM NETWORK - S&P GLOBAL
- S&P Global warns that the approval of proposed #Ethereum ETFs, especially those integrating staking mechanisms, could heighten concentration risks within the Ethereum network.
- If… twitter.com/i/web/status/1…
— BSCN (@BSCNews)
6:46 AM • Feb 22, 2024
S&P Global highlights potential concentration risks with approval of Ethereum ETFs:
US spot ether ETFs with staking may alter validator concentration;
Analysts stress importance of ETF issuers' choices in shaping Ethereum's validator concentration and centralization;
Some ETF applicants, like Ark Invest and Franklin Templeton, aim for extra yield via staking strategies;
JPMorgan analysts previously warned about Ethereum's concentration, naming Lido as the largest validator.
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