European Central Bank advisors have described the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January as “the naked emperor’s new clothes” in their latest blog post.
The advisors, Ulrich Bindseil, ECB Director General for Market Infrastructure and Payments, and Advisor Jürgen Schaaf, criticized Bitcoin, outlining its unsuitability as a means of investment or payment.
ECB Advisors Challenge Bitcoin’s Validity
While the Bitcoin ETF approval in January was seen as validation for the crypto and a sign of its future success, Bindseil and Schaaf disagree. The ECB post outlines that for Bitcoin “disciples,” the ETF approval validates its safety, with the following price rally as evidence of its triumph.
The two advisors argue that Bitcoin’s fair value is zero. They expressed concern over the prospect of another boom and bust cycle for the asset, labeling it as a dire outlook with potentially massive collateral damage, including
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