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EUR/BTC Down by 80% Since This Scary ECB Prediction for Crypto

Author: Content Editor
The European Central Bank (ECB) recently issued a report predicting the "irrelevance" of all cryptocurrencies, including Bitcoin. However, Charles Edwards of Capriole Investments disagrees and believes that fiat currencies, such as the Euro, will become obsolete before cryptocurrencies. Since the publication of the ECB report, the Euro has lost 80% of its value against Bitcoin. Edwards suggests that the report may have coincided with the top of the Euro's price, rather than Bitcoin's. He also points out that if the US were to add Bitcoin to the Federal Reserve, it could have a significant impact on the valuation of the Euro. Edwards' own Bitcoin Energy Value Model, which predicted a price of $100,000 for Bitcoin in five years, is close to being realized, with Bitcoin recently touching a local top of over $93,000. The ECB's pessimistic views on Bitcoin have failed to account for its strong performance, and the regulator believes that the rise of Bitcoin will further divide society and reduce the purchasing power of traditional currencies.

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