Slightly over a week after the European Central Bank (ECB) experts slammed Bitcoin (BTC) and cryptocurrencies as speculative, worthless, and a tool for criminal activities, warning of its “social dangers,” the flagship decentralized finance (DeFi) asset is still rallying and nearing its all-time high (ATH).
As it happens, ECB’s director general of market infrastructure and payments, Ulrich Bindseil, and Jürgen Schaaf, an adviser for market infrastructure and payments, wrote that the “fair value of Bitcoin is still zero” in a blog post titled “ETF approval for Bitcoin – the naked emperor’s new clothes” on February 22.
In their view, the January approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) did not mean that BTC investments were safe and the “collateral damage” from the recent Bitcoin price boom “will be massive.” As they wrote:
“Today, Bitcoin transactions are still inconvenie
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