Oh, the drama! Christine Lagarde, the president of the European Central Bank, has dared to challenge the almighty Bitcoin (BTC)! The nerve!
Lagarde’s Lament: BTC Not Fit for Reserves
In a shocking revelation, Lagarde declared that BTC is not liquid, safe, or free from criminal taint. Yikes! She even went as far as to say that it won’t become a reserve for any central bank. Bold move, Lagarde!
“Reserves have to be liquid, secure and safe and not be plagued by suspicion of money laundering or criminal activity. As a result, I’m confident that Bitcoin will not enter the reserves of any of the central banks of the general council.”
Bitwise’s Brilliant BTC Defense
But wait! Bitwise’s Head of Research, Andre Dragosch, has come to BTC’s defense! He argues that BTC is more liquid than the most liquid traditional asset, the S&P 500. And, as for safety, he claims that Bitcoin’s decentralized network is secure and free from counterparty risk. Dragosch even states that it would take over $20B to corrupt BTC’s system!
“Is Bitcoin liquid? SPDR S&P 500 ETF (SPY) – trades around 22 bn USD in volume per day. Bitcoin just had 54 bn USD in trading volume over the past 24 hours.”
Crypto Crime? Not So Fast!
And what about criminal activity? Dragosch points out that crypto accounts for less than 1% of crime-related cases, according to the 2024 Chainalysis report. He even states that only 0.14% of all on-chain transactions are related to illicit activities, including money laundering. Talk about a clean(ish) record!
The People’s Pushback
And the people have spoken! Users like Daniel Sempere have echoed Dragosch’s sentiment, reiterating that the Bitcoin network secures $2T in wealth and has never been hacked. Take that, Lagarde!
The Czech Central Bank’s Curious Case
But what about the Czech Republic’s move to diversify its national reserve by adding BTC? The Czech Central Bank Governor, Ales Michl, has stated that the bank intends to add BTC to its reserves if approved. Will Lagarde’s comments deter him? Only time will tell.
Polymarket’s Predictions
And, in the world of crypto odds, Polymarket briefly soared +70% on the possibility of another country adopting BTC. So, it seems like the people have faith in BTC, despite Lagarde’s concerns.
Will Lagarde’s comments spark a crypto revolution? Or will BTC fade into the shadows? Only time will tell!
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2025-02-01 05:15