According to Cointelegraph, a paper released by the European Central Bank on October 12, 2024 stated that early Bitcoin holders made profits by buying low and selling high, and recommended strict control of its price or a complete ban.

The report pointed out that early holders profited by buying low and selling high, exploiting new buyers, resulting in unfair distribution and possible social unrest.

The author also claims that Bitcoin is rarely used for payments, and cites erroneous research that claims it is the preferred transaction method for criminals. A May 2024 report from the U.S. Treasury Department shows that fiat cash is still the main method of illegal transactions.

The report does not mention the reasons for the sharp rise in Bitcoin prices since 2009, nor does it mention the original intention of its founder Satoshi Nakamoto to design it as a decentralized payment method and store of value.

The report ignores the monetary inflation imposed on citizens by the government and the central bank. The UK's public sector debt has reached 98% of GDP in the 2023-2024 fiscal year, the highest level since the 1960s.

The United States has increased its M2 money supply by 41% since 2020 by printing money, resulting in a national debt of $35 trillion and a decrease in purchasing power.