European Central Bank advisors have described the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds in January as “the naked emperor’s new clothes” The advisors, Ulrich Bindseil, ECB Director General for Market Infrastructure and Payments, and Advisor Jürgen Schaaf, criticized Bitcoin, outlining its unsuitability as a means of investment or payment. They expressed concern over the prospect of another boom and bust cycle for the asset, labeling it a dire outlook with potentially massive collateral damage.
Source: Wayne Jones, 2024-02-25; https://cryptopotato.com/despite-bitcoins-soaring-success-critics-still-lurking/