European Central Bank declares Bitcoin dead: BTC has surged $22,300 since then.

The European Central Bank (ECB) declared Bitcoin 'dead' just a month ago, labeling it as a form of currency...

0
205

The European Central Bank (ECB) declared Bitcoin โ€˜deadโ€™ just a month ago and called it a failed decentralized digital currency. The ECB published a blog stating that BTC is โ€œhardly used for legitimate money transfersโ€ and criticized the U.S. Securities and Exchange Commission (SEC) for approving Bitcoin ETFs.

The SEC approved Bitcoin ETFs in mid-January this year, leading to an increase in BTC price afterward. Financial institutions worth trillions of dollars like BlackRock, Greyscale, and Fidelity are among others now offering BTC ETF services to clients.

Back to the European Central Bank, they published a blog titled โ€œETF Approval for Bitcoin โ€“ the Emperorโ€™s New Clothesโ€. The ECB also referred to Bitcoin as a fraudulent currency being heavily manipulated by parties involved. The blog wrote: โ€œBitcoinโ€™s history is characterized by price manipulation and various types of fraud.

Bitcoinโ€™s price surges an additional $22,300 since the European Central Bank declared BTC dead

The leading cryptocurrency Bitcoin is trading at $51,304 as the ECB announced its cessation of operation on February 24, 2024. Since the announcement was made, BTC has steadily increased by $22,300 and reached its all-time high of $73,522 on Thursday.

They also criticized the SEC for allowing BTC ETFs as a โ€œmiscalculationโ€ by financial agencies. While fear peaked, BTC also started reaching new all-time highs this month.

Despite some allegations made against BTC by financial banks and advisory organizations, the cryptocurrency continues to rise from the ashes. It is an untamed force as investors trust it for its unforgeable blockchain. This further instills confidence in the digital asset market as investors see it as an alternative solution to the current financial sector.