The European Central Bank (ECB) has released its strongest bearish statement on crypto yet. A blog post on the bank’s website chastises the EU Commission for legitimizing bitcoin with new regulations.
Titled Bitcoin’s last stand written by Ulrich Bindseil and Jürgen Schaaf basically outlined that bitcoin is on the ‘road to irrelevance’.
The apparent stabilisation of bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance. #TheECBblog looks at where bitcoin stands amid widespread volatility in the crypto markets.
Read more https://t.co/Hk1LuYX2de pic.twitter.com/I3Uidks8Xo
— European Central Bank (@ecb) November 30, 2022
In November 2021, bitcoin peaked at USD 69,000 before falling to USD 17,000 by mid-June 2022. The value has fluctuated around USD 20,000 since then.
Bitcoin has been criticized for being a hotbed of illegal transactions that put banks at risk. They wrote: “Since bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimised,” the blogpost concludes.
They posit that bitcoin’s “conceptual design and technological shortcomings make it questionable as a means of payment:”
We all know why this is happening. Its happening to undermine bitcoin. The globalist banking elites are coming after the exchanges, they are coming for the wallets. They will ensure that crypto assets are completely wiped out or that they are heavily regulated. In some places like China Bitcoin exchanges are banned.
Banks control the world’s monetary policy, and they now want their own version of a centralized surveillance token, aka central bank digital currency.
The paper continues on to demonise bitcoin saying “Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold). The market valuation of Bitcoin is therefore based purely on speculation.”
It also complains that crypto-asset legislation has been slow to pass in recent years; this is the regulation that controls it.
They continue to lambast saying “Real Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions.”
As the ECB reiterated, bitcoin is mostly used for speculation, not for payments, and its price rises are only because of a speculative bubble that’s popping. Also, the ECB says bitcoin has no use or value and implies that its intrinsic value is zero.
Worth Zero! You get the picture. They will do anything in their power to ensure bitcoin and other crypto’s they cannot control remain out of the general public’s reach.
BlackRock Inc. CEO Larry Fink said most crypto companies will probably fold in the wake of FTX’s collapse. “I actually believe most of the companies are not going to be around,” Fink said Wednesday at the NYT Dealbook Summit.
What took you so long to come to that conclusion?
— Gary Black (@garyblack00) November 30, 2022
Additionally, we also heard from Blackrock’s Fink yesturday, to say most crypto firms “are not going to be around” in the future.
“I actually believe most of the companies are not going to be around.”
Fink said in an interview with Andrew Ross Sorkin onstage at the New York Times DealBook Summit on Wednesday.
Central Bank Digital Currencies: “The fundamental change is I will have an account with the Central Bank.” “Crypto is collapsing lets see in 5-10 years’ time something will survive, we should all understand what that will be.” – Axel Lehmann. #WEF22 #CBDC pic.twitter.com/Hl7LOS7d0e
— Sikh For Truth (@SikhForTruth) May 23, 2022
Also earlier at this year’s World Economic Forum in May, we had Axel P. Lehmann the chairman of Credit Suisse. Saying that “Crypto is collapsing, so let’s see in 5-10 years’ time. Something will survive and we should all understand what that will be.”
Also, he talked about the Central Bank Digital Currencies, saying that “the fundamental change is I’ll have an account with the Central Bank.” And that it would feel good!
Meanwhile we have a massive acceleration around the world with the emergence of cross border CBDC’s. They are completely programmable tokens, and even come with expiry dates, they’re not truly decentralised but the very opposite.
Dubbed central bankers’ surveillance coins, one article I read this week described them as the following:
“The CBDC will be able to create a reliable profile of each individual based on their spending and saving habits. Pretty much all of your transactions will be observed, noted and assessed. Then you will receive recommendations based upon your individual habits.”
From India, Indonesia, to the Digital Euro: These new digital coins may also be used inside of the metaverse. They will form the ultimate platform for a future finance and credit score system. This is why exchanges are collapsing left, right and centre. It’s a controlled demolition – The plan is to remove all Crypto while simultaneously bringing through their own CBDC.