Overview

• European Central Bank (ECB) officials criticize Bitcoin, claiming it has failed as a currency and investment, asserting its fair value is zero.
• The criticism follows the approval of spot Bitcoin ETFs in the U.S., which ECB officials argue does not alter Bitcoin's unsuitability as a payment method or investment.
• ECB's stance is based on Bitcoin's lack of cash flow, dividends, productive use, and social benefit, alongside concerns of environmental damage and market manipulation.
• Despite the criticism, Bitcoin has seen significant price increases, more than doubling in value over the last six months, raising questions about the ECB's perspective.
• The ECB's repeated warnings against Bitcoin highlight ongoing debates about cryptocurrency's role, regulation, and sustainability in the financial system.