Bitcoin ETF Approval Comparable to 'Naked Emperor’s New Clothes,’ ECB Officials Say
European Central Bank (ECB) officials Ulrich Bindseil and Jürgen Schaaf have criticized the recent rally in the crypto market, driven by the approval of Bitcoin spot exchange-traded funds in the U.S. In a blog post, they argued that despite the billions of dollars invested, Bitcoin remains a poor investment and an inefficient payment method. They reiterated the ECB's position that Bitcoin's fair value is zero and described the ETF approval as "the naked emperor's new clothes". The officials identified three factors driving the rally: price manipulation in an unregulated market, growing demand for the 'currency of crime', and shortcomings in authorities' judgments and measures. They warned that authorities must remain vigilant to protect society when the 'house of cards' collapses.
