The European Central Bank (ECB) had declared Bitcoin ‘dead’ just a month ago calling it a “failed” decentralized digital currency. The ECB published a blog saying that BTC is “hardly used for legitimate transfers” and criticized the U.S. Securities and Exchange Commission (SEC) for approving the Bitcoin ETF.
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The SEC approved the Bitcoin ETF in mid-January this year leading to BTC’s price rise thereafter. Trillion-dollar financial institutions like BlackRock, Greyscale, and Fidelity. among others are now offering BTC ETF services to clients. Read here to know the full list of institutional firms that are currently providing Bitcoin ETF services.
Coming back to the European Central Bank, they published a blog titled ‘ETF approval for Bitcoin – The naked Emperor’s new clothes‘. The ECB also called Bitcoin a type of fraud currency that is being heavily manipulated by the stakeholders. “The history of Bitcoin has been characterized by price manipulation and other types of fraud,” the blog read.
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Bitcoin Spiked in Price By Another $22,300 Since The European Central Bank Declared BTC Dead
Leading cryptocurrency Bitcoin was trading at $51,304 when the ECB declared it dead on February 24, 2024. Since the obituary was written, BTC climbed a steady $22,300 since then touching an all-time high of $73,522 on Thursday.
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They also hit out at the SEC for allowing the BTC ETF as “misjudgment” made by the financial authorities. While the fearmongering reached its peak, BTC also began printing new all-time highs this month.
Despite several obituaries written for BTC by financial banks and think tanks, the cryptocurrency has always risen from the ashes. It is one force that cannot be tamed as investors believe in it as the blockchain can never be tampered with. This adds trust to the digital assets market as investors see it as an alternative to the existing financial sector.