Bitcoin has been under the radar of the the European Central Bank and now the level of monitoring has grown to such extent that puts Bitcoin in a bad light.
The ECB has made a caustic comment arguing against providing regulatory validity to bitcoin, claiming that the cryptocurrency is experiencing an “artificially induced” final hurrah before totally losing its importance.
The ECB Market Infrastructure and Payments Division’s Jürgen Schaff and Ulrich Bindseil both emphasized how the most well-known cryptocurrency in the world has failed to replace or advance the current monetary system.
Bitcoin’s logical structure and practical flaws, according to Schaff and Bindseil, make the cryptocurrency “doubtful” as a payment method.
Prior to declining below USD 17,000 by mid-June 2022, the price of bitcoin reached a high of USD 69,000 in November last year.
Since then, the price of Bitcoin has changed by about 20,000 USD. For…
