According to the expertos of the European Central Bank, Bitcoin’s price stability is seen by its proponents as a respite before rising again, but more likely it is an “artificially induced last breath” before the road to final irrelevance.
Ulrich Bindseil, Head of Market Infrastructure and Payments, and institution adviser Jürgen Schaff have noted the future crash of Bitcoin was well predicted even before the collapse of FTX.
According to them, BTC was insolvent as a means of payment.
They have written:
“Transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal transactions in the real world.”
They believe that the market valuation of the cryptocurrency is based solely on speculation. At the same time, Bitcoin is completely unsuitable for investment.
