It has been almost three years since the European Central Bank (ECB) publicly said that Bitcoin (BTC), the world’s largest digital asset, is “dead.” From that moment on, the currency is revaluing 600%, indicating that more than “dead” is a “paranda.”
It was on November 30, 2022, when financial organizations from the Old Continent said Bitcoin was surpassing his “last resistance.”
This is at the time BTC suddenly lowered its price from its historic maximum of $69,0002021. At the time, digital currencies felt an attack from bear markets that had been exacerbated by the collapse of large companies in sectors such as Exchange FTX.
In that statement, Ulrich Binsel, general director of market infrastructure and BCE payments, and Jurgen Schaff, counselor in the same ECB division, noted that BTC is “not primarily used in real-world legal transactions.”
Also They argued that the currency was not a suitable investment Because they “cannot be used in a productive way” because they did not generate cash flows or dividends. They also argued that Bitcoin’s market valuation is “purely speculation.”
Beyond that, they declared it from the ECB Bitcoin was not a suitable payment system And it should not be justified. This is due to alleged “damage to reputation” across the financial industry associated with this currency if losses and prices fall.
But time proved Bitcoin and from its statement, when the currency struggled to stay at 17,000 US dollars, Digital assets increased by 600%reaching a historic maximum of 118,000 USD. That means BTC has increased by $101,000.
This TradingView graph gives you a better understanding of the sustained increase Bitcoin has had since the ECB began criticising.
Bitcoin’s market response leaves that statement from the ECB in dead words. surely, BTC was already justified by the traditional financial sectornegotiating on Wall Street for almost two years to the point where there are investment products, such as ETFs inspired by this currency.
Of course, without counting, large-scale institutional adoption and international recognition created Nakamoto at and cast ECB discussion.
Since 2022, when the ECB dies, the ecosystem has responded, and it is clear that Bitcoin has shown that its valuation is not only dependent on communications, or authorities, but also on the market.