You've been warned.
4:18 PMThe European Central Bank is throwing some major shade at bitcoin even as it bounces back following the FTX collapse.," published on its official European Union website, the ECB lobs a devastating takedown at the digital currency — and warns that its demise could just be getting started.
As the ECB notes, bitcoin's peak value of nearly $70,000 occurred only a year ago in November 2021, yet by June 2022 it had fallen dramatically to less than a third of that. But the real problem, they charge, aren't localized ups and downs but weaknesses in the entire foundation of the tech: that it has no intrinsic value, has largely been used a vehicle for speculation, and is seldom used for legal transactions.
"For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights," reads the post. "More likely, however, it is an artificially induced last gasp before the road to irrelevance — and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000."
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