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International Business Times
International Business Times
Business
Marvie Basilan

'Emperor's New Clothes': European Central Bank Compares Spot BTC ETFs Approval To Deception Folktale

Bitcoin ECB ETF SEC the European Central Bank Crypto Hans Christian Andersen Cryptocurrency Lockbit
Bitcoin has broken $50,000 but is still well off its record high of nearly $69,000 seen in 2020. (Credit: AFP)

KEY POINTS

  • The ECB said Bitcoin's fair value remains at zero even with the SEC's recent move
  • It added that looking forward to a boom-bust cycle in the cryptocurrency is a 'dire perspective'
  • A growing demand for a 'currency of crime' may be one factor driving BTC's popularity, the bank said

The European Central Bank (ECB) maintains its stance that Bitcoin, the world's first decentralized cryptocurrency, remains irrelevant despite the recent approval of 11 spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

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