ECB paper claims older Bitcoin holders are exploiting new holders
Since its introduction in 1999, the euro has lost approximately 85% of its value against gold due to monetary inflation.
A recent paper published by the European Central Bank on Oct. 12, 2024, claimed that older Bitcoin (BTC) holders profit at the expense of newer holders and argued that the scarce decentralized currency should be regulated to prevent its price from rising or outright banned.
The authors said that those who acquired BTC at an earlier date, or those who bought at market bottoms, and sold to new investors at a profit were exploiting the newer buyers. This is, of course, how all financial markets work — investors aim to buy assets low and sell high.
From this foundation, the authors concluded that Bitcoin should face strict price controls to prevent exploitation and the ensuing civil strife from this unfair wealth distribution:
Go to Source
Author: Vince Quill
