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<p>One does not spit venom on bitcoin as one wishes, even being on the side of the European Central Bank (ECB). Indeed, the ECB recently targeted bitcoin in a controversial report, claiming that the flagship crypto should be regulated or even banned. This attack did not go unanswered: BTC defenders retaliated by denouncing the methodological flaws and biases of the authors, who, according to them, only had one goal in mind.</p>
<h2 id="h-bitcoin-un-crypto-actif-qui-derange">Bitcoin: A disruptive crypto asset?</h2>
<p>The ECB report published on October 12 vehemently attacked <a href="https://www.cointribune.com/bitcoin-btc-decouvrez-tout-de-la-reine-des-cryptos/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>, <strong>calling the asset volatile</strong>,<strong> unproductive, and concentrated in the hands of a few privileged individuals</strong>. Yet, the response from crypto experts did not take long. According to <a href="https://www.murrayrudd.pro/challenging-bias-in-the-ecbs-bitcoin-analysis/" target="_blank" rel="noopener noreferrer nofollow">Murray Rudd from the Satoshi Action Fund</a>, <strong>the authors of the report, Bindseil and Schaff, did not understand the very essence of bitcoin</strong>, which they reduce to mere speculation.</p>
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<p>Worse still, their analysis deliberately ignores significant technological advances of BTC in terms of scalability and efficiency.</p>
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   Cover of the report by Murray Rudd
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<p>Critics of the <a href="https://www.cointribune.com/en/crypto-markets/bitcoin-btc-en/" target="_blank" rel="noopener noreferrer nofollow">price of bitcoin</a>, according to Rudd, overlook the fact that it is <strong>a common characteristic in emerging technologies</strong>. In summary, a report that gets bogged down in an ideological war rather than in an objective evaluation.</p>
<ul>
 <li><strong>More than 50% of the major bitcoin addresses are actually crypto exchange wallets holding the assets of millions of users.</strong></li>
 <li><strong>More than 40% of the growth of active wallets occurred in recent years due to increased adoption.</strong></li>
 <li><strong>About 30% of the criticisms focus on outdated technical limitations.</strong></li>
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<h2 id="h-la-communaute-crypto-riposte">The crypto community strikes back</h2>
<p>In response to the ECB’s attacks, the crypto community mobilized to dismantle the arguments put forward. Allen Farrington, co-author of the rebuttal, highlights <strong>a glaring conflict of interest</strong>: Bindseil and Schaff are actively engaged in the development of a central bank digital currency (CBDC).</p>
<p>” <em>It is clear that they prefer </em><strong><em>to tout the merits of the future <a href="https://www.cointribune.com/en/digital-euro-ecb-report-on-cbdcs-and-data-protection/" target="_blank" rel="noopener noreferrer nofollow">digital euro</a> instead of acknowledging the virtues of Bitcoin</em></strong>,” says Farrington.</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSD","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSD chart</span></a> by TradingView
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<p>ECB’s critics also do not take into account the <strong>role of bitcoin in financial inclusion</strong>, especially in regions with unstable local currencies. Considering its innovations in energy efficiency as well, BTC could even surpass traditional financial systems.</p>
<h2 id="h-le-bitcoin-miroir-de-l-inflation">Bitcoin, a mirror of inflation</h2>
<p>The ECB did not hesitate to attack the <strong>distribution of wealth in bitcoin</strong>, claiming it was hardly more equitable than in the traditional financial system. However, BTC supporters reply that this criticism misses the heart of the issue.</p>
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<p>Murray Rudd clarifies:</p>
<p>” <em>By ignoring the impact of inflation on purchasing power, the ECB refuses to see what is happening in the real world.</em>“</p>
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<p>Indeed, bitcoin, with its limited supply, can be seen as <strong>a response to the decrease in value of traditional currencies</strong>, such as <a href="https://www.cointribune.com/chute-surprise-du-dollar-decouvrez-les-raisons-derriere-cette-baisse/" target="_blank" rel="noopener noreferrer nofollow">the US dollar</a>, which is constantly subjected to inflationary erosion.</p>
<figure class="wp-block-image size-large"><img decoding="async" src="https://s3.cointelegraph.com/uploads/2024-10/0192b769-7912-73e8-81f8-1c79eb23d630" alt="Déclin-dollars-américain">
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  Decline in purchasing power of the US dollar since 2000. Source: St. Louis FED
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<p>Thus, beyond speculation and ideological debates, the question remains open: <strong>is the ECB really seeking to protect the public, or rather to eliminate a potential competitor to its future digital euro?</strong></p>
<p>In conclusion, the ECB, a staunch supporter of CBDC, does not view positively the <a href="https://www.cointribune.com/en/is-bitcoin-threatened-the-ecb-mentions-a-possible-ban/" target="_blank" rel="noopener noreferrer nofollow">possible ban of bitcoin</a> if it can favor its digital euro project.</p>

Why Does The ECB Really Want To End Bitcoin?

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