RATE Group | Central Banker in Europe’s False Arguments Against Bitcoin
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Central Banker in Europe’s False Arguments Against Bitcoin

17 Nov Central Banker in Europe’s False Arguments Against Bitcoin

Posted at 17:32h in Bitcoin News by

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Benoît Cœuré, a member of the Executive Board of the European Central Bank, condemned Bitcoin (BTC), describing it a bubble, ponzi scheme, and an environmental disaster.

“Lightning may strike me for saying this in the Tower of Basel — but bitcoin was an extremely clever idea. Sadly, not every clever idea is a good idea. I believe that Agustín Carstens summed its manifold problems up well when he said that bitcoin is ‘a combination of a bubble, a Ponzi scheme and an environmental disaster,’” Cœuré said, at the Economics of Payments IX Conference

Argument 1: Bitcoin is a Bubble

Since 2009, BTC has experienced four major corrections, recording a drop in the range of 70 to 80 percent.

The definition of a bubble in finance is established as an economic cycle “characterized by the rapid escalation of asset prices followed by a contraction,” which occurs when investors are simply not willing to buy the asset at an elevated price and…

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