CoinVoice has recently learned that according to The Block, a new paper published by ECB economists (The Distribution Consequences of Bitcoin) points out that even if the price of Bitcoin continues to rise, early adopters will be the only beneficiaries, while latecomers and non-holders will suffer serious consequences, even if there is no "bubble burst."

Economists believe that Satoshi Nakamoto's original idea of ​​Bitcoin as a global payment system has largely failed, and people's perceptions have begun to shift to viewing Bitcoin as an investment asset that continues to appreciate in value. Economists Ulrich Bindsell and Jurgen Scharf believe that Bitcoin "...does not generate any cash flow (like real estate), interest (like bonds) or dividends (like stocks), and cannot be used in production (like commodities). Therefore, "...most established methods for calculating or estimating the fair value of an asset fail when applied to Bitcoin,".

“The new Lamborghinis, Rolexes, villas, and stock portfolios of early Bitcoin investors do not result from an increase in the productive potential of the economy; rather, they are financed by the consumption and reduced wealth of those who did not initially hold Bitcoin,” the paper states. “Thus, ‘missing out’ on Bitcoin is not just a lost opportunity to accumulate wealth, but also means real impoverishment compared to a world without Bitcoin. This redistribution of wealth and purchasing power is unlikely to occur without adverse consequences for society.” These harmful consequences include “…corresponding impoverishment of the rest of society, endangering cohesion, stability, and ultimately democracy.” [Original link]