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Bitcoin is not Money Because it Cannot be issued Says ECB 


The European Central Bank (ECB) recently held an #AskECB event on Twitter and invited ECB chief economist Peter Praet to have a direct dialogue with netizens. The question was initiated by the netizen and Praet gave the answer.

askecb - Bitcoin is not Money Because it Cannot be issued Says ECB 

Bitcoin enthusiasts certainly won’t miss this opportunity. A user named RainDogDance asks the EBC Chief Economist about his or the EBC opinion about bitcoins:

Praet reply agrees that the is that the underlying technology is promising but bitcoin is not money.

This evaluation of the ECB immediately caused reactions in the Crypto Twiter community. A crypto analyst with almost 100k followers named Joseph Young said:

Others have posted a picture that has recently been recently circulating on social media: Streets in Venezuela covered by their local currency Bolivar which is almost worthless because of hyperinflation. People need to bring piles of cash when they go out shopping, and foreign currency exchange is almost impossible. Therefore, many people in Venezuela use bitcoin and other cryptocurrencies instead of fiat.

In addition, in the same question and answer session, the ECB stated an interesting thing:

In this regard, many Users posted gifs with memes ridiculing ECB is a scam. User Dov Bitcoin posting a sheep gif said:

People asking the ECB if they should buy bitcoin is like sheep asking the wolf if they should buy a fence.

In fact, regarding bitcoin, ECB has repeatedly expressed its views. According to info posted on their website, ECB’s attitude towards Bitcoin and blockchain is as follows:
Bitcoin is too volatile, no one is backing it, users are not protected and it is not a generally accepted form of payment. While Blockchain/distributed ledger technology has great potential, but the central bank will not adopt it for the time being.


About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past.

Disclaimer: All content found on is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

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