European Central Banks Officials Criticize Bitcoin, Says “Fair Value” is Zero


Hope C Fri, February 23, 2024 at 6:53 AM GMT+1·1 min read European Central Banks Officials Criticize Bitcoin, Says “Fair Value” is Zero European Central Banks Officials Criticize Bitcoin, Says “Fair Value” is Zero Two European Central Bank (ECB) officials are doubling down on their criticism of Bitcoin despite the recent surge in price and the approval of spot Bitcoin ETFs in the US. Ulrich Bindseil and Jürgen Schaaf, writing in a blog post, dismiss the developments as mere noise and reiterate their long-held stance that Bitcoin's "fair value is still zero."

Their skepticism comes despite the success of the Bitcoin ETFs, which have attracted over $3 billion in net flows and fueled speculation about an Ethereum ETF. They argue that the enthusiasm is misplaced and that Bitcoin's current price and market capitalization simply reflect the "social damage" that will occur when the bubble bursts.

This isn't the first time Bindseil and Schaaf have voiced their concerns about Bitcoin. In November 2022, they declared it on the "road to irrelevance," citing slow and expensive transactions, unsuitable investment characteristics, and environmental concerns related to mining. They further criticize Bitcoin for its alleged history of price manipulation and fraud. Bitcoin has gained almost 200% since their blog post was published.

Their latest blog post has sparked strong reactions on Crypto Twitter, with some users expressing disbelief and others engaging in heated debates.

Source : Yahoo crypto / Feb 23, 2024 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act. How we keep your money safe.