FRANKFURT, Germany—Two senior officials at the European Central Bank (ECB) are contending bitcoin is “on the road to irrelevance.”
Ulrich Bindseil, director general of market infrastructure and payments at the ECB, and Jürgen Schaaf, advisor to his department, offered their perspective stated in a blog post on the ECB website, Business Cloud reported.
The value of Bitcoin peaked at $69,000 in November 2021 before falling to $17,000 by mid-June 2022. Since then, the value has tended to fluctuate around $20,000 before hovering around $17,000 and below in the last month, Business Cloud noted.
“For Bitcoin proponents, the seeming stabilization signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below $16,000,” they wrote.
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