Summary
- The ECB advisor expressed opposition to holding Bitcoin at the national level.
- The advisor cited Bitcoin's extreme volatility, potential for illegal use, and possibility of market manipulation as reasons.
- He also pointed out that stockpiling other digital assets lacks economic justification.
A European Central Bank (ECB) advisor has expressed opposition to holding Bitcoin (BTC) at the national level.
On the 25th (local time), ECB advisor Jürgen Schaaf stated in an interview with CoinTelegraph that "holding Bitcoin at the national level is a dangerous idea" and that "Bitcoin has no practical necessity or usability." He added that "Bitcoin has △extreme volatility △potential for illegal use △possibility of market manipulation" and that "if the ECB were to stockpile Bitcoin, it would rather encourage speculation."
He also expressed a negative stance on stockpiling other digital assets (cryptocurrencies). Advisor Schaaf said, "Stockpiling multiple digital assets would only worsen the problem" and that "whether it's Bitcoin or other digital assets, the risks are very high and economic justification is weak."
Previously in January, ECB President Christine Lagarde also stated that she is "confident that the European Central Bank will not stockpile Bitcoin."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
