ECB Urges Public To Advocate for Laws Against Bitcoin, Says BTC Rallies Impoverish Rest of Society

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The European Central Bank (ECB) is asking the public to advocate for laws against Bitcoin (BTC), claiming that every time the crypto king rallies, it financially drains the rest of society.

In a new research paper, the ECB says that the top crypto asset by market cap has strayed away from the original vision of Satoshi Nakamoto, its mysterious pseudonymous creator, which was to give the world a superior way of making digital payments.

“The original promise of Nakamoto (2008) to provide the world with a better global means of payment has not materialized. Instead, the focus has increasingly shifted to Bitcoin as an investment asset promising high capital gains.

Since Bitcoin does not increase the productive potential of the economy, the consequences of the assumed continued increase in value are essentially redistributive, i.e. the wealth effects on consumption of early Bitcoin holders can only come at the expense of consumption of the rest of society.

If the price of Bitcoin rises for goo…