As bitcoin holds above $51,000 on the back of massive institutional interest, the European Central Bank (ECB) attempts to blacken bitcoin’s name with a hugely negative report.
Who is threatened by bitcoin?
The sheer amount of institutional buying into the Spot Bitcoin ETFs is testament to the fact that these institutions have finally identified the immense benefits to be had by adding bitcoin to their portfolios. They are not threatened by bitcoin, and by buying it they are just taking advantage of a tremendous business opportunity.
On the other hand, central banks are very much threatened by bitcoin. To them, an asset that they can’t control, and that will eventually make them practically redundant, is something to be feared above anything else.
Fair value zero
The ECB launched its fightback last Thursday by publishing a report on its blog. This blog pulled no punches at all, and started by claiming that the approval of the Bitcoin Spot ETFs gave the cryptocurrency no approbation at all, and that its fair value “is still zero”.
When central banks print, and print, and print more currency, in order to prop up the banking system, and keep wars going, they are destroying the purchasing power of fiat currencies and are sending up prices – this is a fact. Another fact is that all fiat currencies in the history of the world have gone to zero.
Bitcoin is an asset with an incredibly scarce supply of only 21 million BTC. It is decentralised, unlike the central banks; has the strongest and most secure network, and citizens from every country across the globe are able to buy and sell without central banks freezing/confiscating their assets or saying that they can or they can’t transact.
Misinformation is rife
When the ECB states that “Bitcoin is still not suitable as an investment”, it is carrying on the misinformation campaign that has been spread across the entire mainstream media.
This has meant that countless millions of normal people have been scared off of bitcoin and have had the chance of accumulating real wealth, instead of pieces of paper, taken away from them. This is really unforgivable considering the amount of fiat-induced poverty in the world.
The ECB report accuses bitcoin of “financing evil”, and talks of “financing of terrorism” and other crimes that include “money laundering and ransomware”.
There is obviously no mention of the fact that by far the most used currency for all of these criminal activities is the US dollar. It is also not referred to that bitcoin is based on blockchain, and that every transaction can be followed and traced back to the sender, which is practically impossible with the use of cash.
Arbiters of the truth
Institutions like the ECB hide behind a veneer of respectability. Many people trust the power that they have and don’t question their authority. If you are in control of the media you can publish anything that continues the narrative and also that attempts to destroy anything that runs counter to it.
The central banks have become the arbiters of the truth. They decide what is and what isn’t misinformation. People need to question what is happening to them. They need to educate themselves, and this is still possible on the likes of YouTube, although de-platforming at the behest of the authorities is still common.
No television channels would be brave enough to do anything except go along with the narrative. They are centralised and can be taken down straight away. Educating oneself is the only way. There isn’t much time.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2024/02/bitcoin-thriving-despite-hugely-negative-ecb-report