𝗕𝗶𝘁𝗰𝗼𝗶𝗻'𝘀 𝗗𝗮𝗿𝗸 𝗦𝗲𝗰𝗿𝗲𝘁

A recent paper published by the European Central Bank (ECB) on October 12, 2024, makes a bold claim: older Bitcoin holders are allegedly exploiting new investors for profit. The paper suggests that those who bought Bitcoin (BTC) at lower prices and sold to newer holders are creating an unfair financial dynamic. To address this perceived exploitation, the authors argue for strict price controls on Bitcoin—or even an outright ban.

According to the paper, Bitcoin’s decentralized nature poses a threat to wealth distribution, which could spark civil unrest. In a striking statement, the authors claim, “Non-holders should oppose Bitcoin and push for laws to prevent its price from rising or to make it disappear entirely.”

Curiously, the report avoids explaining why Bitcoin’s price has soared since its inception in 2009, or that Bitcoin’s creator, Satoshi Nakamoto, designed it to be both a decentralized payment system and a safeguard against the devaluation of fiat currencies. The ECB paper also perpetuates the myth that Bitcoin is primarily used by criminals, despite a U.S. Treasury report revealing that fiat cash remains the top choice for illicit transactions.

Amidst this criticism, there’s no mention of the real financial culprit: the massive inflation caused by reckless money printing. In the U.K., public debt has surged to 98% of GDP, and in the U.S., a 41% increase in the money supply has led to inflationary pressures and eroded consumer purchasing power.

As central banks grapple with debt and inflation, one question lingers: Is this push for regulation about protecting investors—or is there something more?

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