European Central Bank economists think Bitcoin has deviated from the original vision.
ECB economists think Bitcoin is a speculation tool that benefits only early adopters.
Bitcoin’s perpetually rising price would negatively affect the rest of the society.
European Central Bank economists think Bitcoin has deviated from the original vision of its founder, Satoshi Nakamoto, as a global payment system. In a recently published paper, the economists stated that the pioneer cryptocurrency has become a vehicle for speculation that benefits only the early adopters.
The Central Bank economists highlighted that Nakamoto intended for Bitcoin to become a global peer-to-peer payment system. However, they argue that the system has failed, leading to a repositioning of the flagship crypto as an investment asset primarily used for speculation.
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Meanwhile, the economists further argued that Bitcoin’s perpetually rising price would negatively affect the rest of society beyond benefitting only the early adopters. According to their paper, the economists think Bitcoin’s trajector…
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