European Central Bank (ECB) economists Ulrich Bindseil and Jürgen Schaaf published a paper last week titled "The Distributional Consequences of Bitcoin." They argue that the rise of Bitcoin is enriching early adopters at the expense of society. They argue that Bitcoin's speculative growth leads to a redistribution of wealth, with early investors profiting while non-holders and latecomers become poorer. The economists warn that this dynamic could undermine social stability, deepen inequality, and threaten democracy itself. They claim that Bitcoin's economic impact is a zero-sum game.