The Central Bank of the European Union (ECB), which has written negative reports about Bitcoin many times before, shared an analysis with negative comments. In the report written by Jurgen Schaff and Ulrich Bindseil, it was claimed that Bitcoin usually makes money to its early investors and then makes losses to those who invest later.

“It should be worked for its extinction”

Analysts wrote that work should be done ‘all together’ to prevent and even destroy the rise of Bitcoin:

“Since Bitcoin does not increase the production potential of the economy, early investors will have taken the money of new entrants. Even if the price of Bitcoin rises, those who enter later will always lose. Nakamoto’s goal of a ‘better global payment system’ has not been realised. Laws should be enacted to ensure that the price of Bitcoin does not rise or that it disappears. Thus, the division of society should be prevented.”

“This is a declaration of war…”

Analyst Tuur Demeester, one of the names closely known in the crypto and Bitcoin world, reacted strongly to the report like many Bitcoin advocates. Demeester said he saw it as a declaration of war:

“This is a real declaration of war. The ECB claims that early investors are stealing economic value from those who come later. I am sure that in the future, the authorities will start to put forward this as a reason for heavy taxes or bans.

Instead of praising Bitcoin for being an invention like oil or the internet, they will openly criticise it.