ECB Says Bitcoin Is Artificially Propped Up, Shouldn’t Be Legitimized
Bitcoin is being artificially propped up and should not be legitimized by regulators or financial companies as it is more akin to gambling, the European Central Bank (ECB) said on Wednesday.
Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years.
But a 75 percent fall over the past year, just as inflation reared its head, and a string of scandals, including the collapse of the FTX exchange this month, have given critics among central bankers and regulators ammunition to fight back….