A post that just appeared on the ECB blog summarizes the monetary institution’s grievances against Bitcoin (some of which will sound familiar to crypto enthusiasts). In this text whose title, “The last battle of Bitcoin”, directly announces the color, the Central Bank enumerates in a list à la Prévert all the faults it finds in Bitcoin.
It would be too polluting, with a mining activity that annually consumes as much as the whole of Austria. With its slow, cumbersome and expensive transactions, it would still be useless for major legal transactions. Moreover, as it produces neither cash-flown, nor dividends, nor social profit, it would be the illustration of zero investment.
To summarize this mood post (very bad, we can say), Bitcoin would only have two “utilities”. And not the prettiest. One, implicitly expressed by this editorial, would be to serve as currency for illegal activities. The other, hardly more laudable, would be to fuel again and again a cycle of endless speculation.