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Bitcoin [BTC] is not money, but devaluing currency is within our rights: European Central Bank

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Bitcoin [BTC] is not money but devaluing currency is within our rights: European Central Bank
Source: Pixabay

The European Central Bank [ECB], the central bank of the union of 19 countries in the European Union [EU], has stated that Bitcoin [BTC] is not money, despite its popularity in the continent. He further stated that they are within their rights “as a central bank” to print money and devalue currency.

In an #AskECB campaign on Twitter, the ECB aimed to address the concerns of their populace, but ended up riling the cryptocurrency community.

The dual and successive admissions paint a rhetorical and insightful picture of the relationship between the decentralized currency world and the banking elite. Decentralized currency evolved out of a rebellion against the corrupt government and banking elite, as currency issuing authorities hold complete and unchecked power over the money held by citizens.

Additionally, crypto-proponents are also opposed to these banking elites lambasting virtual currencies as “frauds” and “scams,” deeming them illegitimate forms of money. Increasing digital asset adoption and the surging popularity of virtual currencies has been ignored by governments and banks, who label them as the “currency of the Dark Web.”

This very principled debate about the nature of cryptocurrency was highlighted by Peter Praet, the executive board member and the chief economist at the Central Bank of the Union, who said,

Source: Twitter

The ECB, while admitting that blockchain technology was important for many industries, stated that cryptocurrencies cannot be deemed as “money.” It is an extension of a view held by many banking moguls like Jamie Dimon, the CEO of JP Morgan, and Warren Buffet, the CEO of Berkshire Hathaway.

20 minutes after the previous tweet however, the central bank replied to a question, asking where the ECB got the money for Quantitative Easing. QE IS a monetary policy where a central bank injects money into the economy to spur economic activity.

Praet stated via ECB’s twitter handle,

Source: Twitter

Virtual currency proponents have consistently opposed this power, as this reduces the value of the country’s fiat currency. The core reason why decentralized currency emerged, was to thwart the government’s power of devaluing money on a whim.



The ECB also replied to a question asking the central bank to “print money,” resulting in a similar consequence of devaluation of currency held, to which the Praet replied,

Source: Twitter

Many decentralized currency enthusiasts saw this ‘Central Bank Chronicle’ as evidence of the power that centralized authority has over its populace, and reflective of the fight the cryptocurrency world is waging to win back financial freedom.





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Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

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'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





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