The recent price stabilization was the last gasp, according to experts.
The world’s most popular cryptocurrency, Bitcoin, is on its way to irrelevance, according to the Director General of the European Central Bank and his adviser. In a recent blog post, the duo questioned the utility of Bitcoin as a form of alternate currency and the value it has created for society thus far.
The comments come at a time when the cryptocurrency industry is reeling under a shock from the collapse of FTX, one of the largest crypto exchanges in the world.
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Following the collapse of FTX, Bitcoin prices tumbled to levels below $16,000, a far cry from the $64,000 it commanded just a year ago. A week later, Bitcoin seems to have recovered, with its prices crossing $17,000 on Wednesday. However, Ulrich Bindseil, Director General at the ECB, and Jürgen Schaaf, the Adviser at the bank, look at this rise as Bitcoin’s last gasp.
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