The controversial paper by the European Central Bank (ECB) that almost described Bitcoin as a pyramid scheme has been criticized by crypto scholars. Dr. Murry Rudd of the Satoshi Action Fund noted that the ECB paper criticized Bitcoin’s volatility, lack of productive contribution, and concentration of wealth. Rudd argued that the ECB misunderstood the technological foundations of Bitcoin and ignored the volatility of early-stage technology adoption. He also emphasized that the ECB’s efforts to develop a central bank digital currency (CBDC) constitute a conflict of interest. Share your views in the comments.