CandleFocus The ECB Economists Aren't Exactly Wrong About Bitcoin (They’re Just Useless)
2024-10-24
Author: Content Editor
The European Central Bank (ECB) recently published a paper stating that the existence of Bitcoin could lead to the impoverishment of non-holders and latecomers. They argue that the assumed increase in Bitcoin's value is essentially redistributive, benefiting early holders at the expense of the rest of society. However, many Bitcoin proponents argue that the cryptocurrency actually increases the productive potential of the economy by eliminating the Cantillon effect of fiat currency. The article suggests that if it were possible to swap all fiat currency for Bitcoin in 2009, it would have been preferable, but the ECB economists fail to see the benefits of Bitcoin in the first place. The author suggests that if the ECB economists believe there is a better way to distribute this new form of money, they should use their Cantillon-funded salaries to write a paper about it.
Related News
Ripple’s CEO and Co-Founder at Odds Over U.S. Politics XRP Dips to $0.51 as Ripple-SEC Case Drives Volatility Solana Meme Coin Sharpei Plunges 96% in Seconds in Epic Rug Pull Chainlink (LINK) Bears Gain Ground as $15 Moves Further Out of Reach US lawmaker claims crypto PACs forced out ’important voices in Congress’ Bluesky Raises $15 Million From Crypto Firms—But Says No to Tokens Bitcoin, Dogecoin, And Shiba Inu Have The Longest HODL Period: IntoTheBlock SEC requests extension in Ripple case to January 2025 South Korea Prepares a New Law for the Regulation of Cryptocurrencies IMF Influence on Ripple Grows as XRP Faces Price Predictions and Legal Hurdles Moonshot Achieves Explosive Revenue Growth in 30 Days Bitcoin Climbs 3% to Retake $68K With Solana Outperforming, Ether Showing Relative Weakness Financial conditions tightened since the Fed cut rates. Why? BREAKING: There Are Claims that Cryptocurrency Wallets Controlled by the US Government May Have Been Hacked MEW Hits Record High as Market Eyes Possible Reversal Fireblocks launches $1M grant program to boost PYUSD developer adoption GSR co-CEO Rich Rosenblum and its CTO leave the crypto market maker Coinbase Named Official Partner of Canadian Football League Biconomy Joins Forces with SunPump to Drive Innovation in Blockchain Trading MEW explodes to new all-time high after Bitstamp listing Famous Economist Predicted the Date When Bitcoin Price Will Exceed $100,000 – “The US Election Result Makes No Difference” Kraken to list GIGA meme coin next week Top Analyst Issues Ethereum Alert, Says There’s a ‘Decent Chance’ ETH Crashes in December – Here Are His Targets Dogecoin (DOGE) Long-Term Holders Could Trigger a Price Drop MicroStrategy Stock Hits Highest Price Since Bitcoin Buying Spree Began Why is Ripple betting big on Kamala Harris and shocking everyone? Pyth Launches Crypto Redemption Rate Feeds for New Asset Classes Crypto-native AI will transform Web3: Coinbase Ventures US Government moves $20M in crypto after 8 months of inactivity SEC’s Gensler should resign by 2025: Rep. Hill Paycoin adds Payment Card Industry (PCI) support for Vietnamese merchants OpenAI’s ‘AGI Readiness’ chief quits — ‘I want to be less biased’ US state regulators report a 'sharp rise' in tech and digital asset related investigations Skyfire raises $9.5m to build AI payment network Rome Partners with Celestia to Boost Blockchain Performance and Scalability Puffer Finance Reveals Puffer DAO, $PUFFER Coin and $vePUFFER NFT TON Blokchain's $DOGS in Trouble; Chart Rings Bearish Alarms Jito DAO may start taking in MEV fees Avalanche Adoption Rate Shoots 23.5%, AVAX Price Rally Imminent? Bitcoin is Trading -13.89% Below Our Price Prediction for Oct 29, 2024 Cardano Founder Charles Hoskinson Condemns Ripple's Chris Larsen Ancient Bitcoin Whale from 2009 Cannot Stop Selling Binance CEO Breaks Silence On Tigran Gambaryan's Release Dogwifhat Price Prediction: Will WIF Reach the $10 Mark This Year? Shiba Inu Loses Ground And Continues Its Range-Bound Trend ‘Unusually’ large Bitcoin ETF inflows spark concerns of BTC price decline Dogecoin Returns Above $0.13 As The Uptrend Ends Bitcoin ETFs Will Soon Hold 1M Tokens, Nearly as Much as Satoshi Binance Listing Sends GOAT Price to New All-Time High Circle's Allaire: Stablecoins Could Expand by Trillions in 10 Years, Will Be Integral Part of Global Financial System Activist Group Says Kalshi’s Election Market Should Be Shut Due to 'Manipulative' Whales Solana Surges Forward But Stalls At The $175 Barrier New investors could be what Bitcoin needs for the next major breakout Controversial Cryptocurrency Company DWF Labs Sells This Altcoin Big CoinGecko Staking Yields Report: Only Cosmos, Polkadot, and Tezos Offer Returns Above 10% Pennsylvania House passes Bitcoin Rights Bill ahead of 2024 election Toncoin Adoption Hits 10-Month Low as TON Fails to Breach $6 Solo Bitcoin Miner Hits the Jackpot With $222,000 Reward Bitcoin whale accumulation hits 670K all-time high amid BTC’s v-shaped bounce Independence Day director creating TV series based on Web3 game Poloniex exit leaves Ethereum stUSDT nearly abandoned As 'Sentient Memecoins' Become Latest Crypto Fad, GOAT Surges to $800M and an AI Rambles XRP Faces Death Cross as Price Fails to Break $0.55 Aptos Foundation partners with crypto-AI startup to build Move programming language tools GOAT Meme Coin Blasts Into Top 100 Tokens Following Binance Futures Listing Bitcoin could test its all-time high above $73,000 on day of US election, says Standard Chartered analyst Mech Shooter 'MetalCore' Ditches Ethereum and Immutable for Solana 2 Billion XRP in 24 Hours: What's Behind Surge? BREAKING: Coinbase Futures Lists a New Altcoin – It’s Been Booming Lately Coinbase CEO Brian Armstrong offers AI agent Truth Terminal its own crypto wallet Binance Labs Invests in Moonwalk Fitness to Gamify Fitness Macroeconomist Shares Short-Term Timeline for Bitcoin to Test $73K ATH HashKey Capital's Latest Report: Why We're Bullish On Altcoins Crypto Market Uptrend Confirmed, Solana and L1 Tokens Surge FTX’s FTT Token Defies Logic, Trading at $2 Despite Bankruptcy Blockchain startup R3 exploring strategic options including sale $200 Million Solana Longs in Danger as SOL Nears Overbought Zone Binance Listings 2024: Only 5 Tokens Show Positive Returns 1 Million Bitcoin (BTC) ETF Milestone: 97% Complete Is Sui Price Preparing for Another Massive Surge to ATH? Celestia’s TIA rises amid network upgrade, but faces one key risk Solana Hits 12-Week High as Analysts Predict 2x or 3x Breakout if Bitcoin Claims $100K The fatal errors plaguing the internet, and how we can fix them Cardano Taps 264% Surge in Netflows, Will ADA Price Start Moving? GOAT is no longer Truth Terminal’s largest holding 7 New Binance Listings in 2024 – New Coins and Upcoming Binance Listings Will Cardano Price Hit New ATH $14 as Founder Says "ADA Will be Bigger Than BTC" What's Keeping XRP Price Below $5? Just In: BingX Exchange Restores Full Operations Post $43 Million Hack These Firsts of Bitcoin Since 2009 Are Worth Noting Shiba Inu Next in Line for Whale-Induced Rally, Here's Why Uniswap Foundation Allocates $1.2M to Secure Innovative v4 Hooks Does Jack Dorsey Influence Bitcoin? Polymarket identifies one trader driving Trump bet activity on platform The ECB Economists Aren't Exactly Wrong About Bitcoin (They’re Just Useless) X Empire's TGE and Airdrop Goes Live Today Oct 24 on Bybit SOL/ETH Trading Pair on Binance Hits New High After 4-Month Rally! Will the Rise Continue? Bitcoin Cash: Analysts Predict A Bounce To $375.33 Soon Crypto market will be calm before US election: analysts Ripple Vs SEC Lawsuit: Why Appeal Against Brad Garlinghouse, Larsen Is Strong? What's Next for Bitcoin? Analyst van de Poppe Explains: "Big Things Are Coming in the Next Two to Four Weeks!" Golden Cross May Rocket Bitcoin Price to $100,000, Says Analyst Ankr announces TON blockchain integration designed to help developers build apps for Telegram Tron Network Energy Doubles, Boosting Capacity for Meme Coins Expert Says Ripple Risks Losing Its XRP and Other Assets If This Happens Blocklords Partners with Toshi Base to Drive Innovation in Blockchain Gaming Router Protocol Partners with Soneium for Seamless Ecosystem Access Zero1 and NEAR Protocol Team Up to Drive Decentralized AI Development Binance exec leaves Nigeria after authorities drop final charges Ripple (XRP) Price Prediction for This Week Bitcoin Price Forecast: Reports show increasing presence of institutional investors MetaWealth Launches Greece's First Tokenized Real Estate Investment Opportunity Bitcoin (BTC) Price Eyes $68,000 Amid Weakening US Jobs Market Why Web3 VCs Are Embracing Crypto+AI Bitcoin Price Analysis: Here’s the Most Probable Target for BTC in the Next Few Days PolitiFi Meme Coins Shake-Up: Kamala Horris Outpace Trump-Themed Rivals Near token could surge 225%, crypto analyst predicts Only 2%: This Shiba Inu (SHIB) Inu Metric Is Raising Questions Shiba Inu (SHIB) Price Prediction for This Week Jito token rises as staked assets, fees, and users jump Rarible: earning opportunities thanks to DeFi and NFT Binance overhauls Binance Connect to enable smooth fiat-to-crypto transactions for Web3 businesses The real flippening? Solana price hits new record high against Ethereum Bitcoin Project BOB Maps Out How the Original Blockchain Could Take Over DeFi Mysterious Shiba Inu (SHIB) Whale Stuns Major US Exchange With $2.2 Million Withdrawal EURC stablecoin supply hits all-time high as market cap approaches $100 million RWA market still has one big hurdle to jump before it can take off Cardano (ADA) Price Prediction for October 24 Coinbase Ventures and a16z's CSX bring Skyfire's total funding raised to $9.5 million Satoshi-Era Bitcoin Wallet Reactivated With $10 Million in BTC Profits Shiba Inu Confirms ShibaSwap 2.0 Launch Is Coming Soon $222 Million in Bitcoin (BTC) Shift Hands as Price Nears $67,000 BTC price aims for $68K as US unemployment beat ups Fed rate cut odds Botanix Labs, builders behind innovative 'spiderchain' network, is the first Bitcoin Layer 2 to join Chainlink’s Scale program Michael Saylor Intrigues with "Faster Bitcoin" Tweet As BTC Price Shoots Up Toncoin (TON) Price Prediction for October 24 Bitcoin to Hit New All-Time High in 30 Days, Says Top Analyst Machi Big Brother’s new transaction mining token (ETHcoin) caused Ethereum’s gas spikes Cardano (ADA) Open Interest Drops to 16-Month Lows, Sparking Fears of a 21% Price Fall Memecoin search interest and market performance steals spotlight from Bitcoin Kraken Picks Optimism for New Layer-2 Network, Joining Coinbase's Base on 'Superchain' GnosisDAO approves $40M venture fund for RWA, decentralized infrastructure Tether's Remarkable Move in Türkiye! "Boron Proposal to Turkish Authorities!" Cardano unlocks $1.3T Bitcoin liquidity with BitcoinOS bridge integration Top 5 Airdrop Campaigns Backed by Major Crypto VC Bitcoin options traders position for price gains post-U.S. election Popcat climbs to all-time high as meme coins surge Cardano Sets For Bullish Trend as Analysts Predict 2,000% Gain 2 Altcoins That Could 2x Ahead of US Presidential Elections Synthetix, Kwenta launch v3 perpetuals on Arbitrum Why These Altcoins Are Trending Today — October 24 Solana TVL Surpasses $6 Billion, SOL Price Jumps 5% JUST IN! Binance Announces Its New Altcoin Listed! Ethereum ICO participant dumps 3,000 ETH for $7.6M cash out Ripple: XRP crypto price bullish according to AI BNB Price Eyes 25% Rally, Set to Follow in Solana’s Footsteps Top Gaming Coins: NAKA, FLOKI, and More Lead the Charge in Gaming Token Activity Binance Introduces ‘Crypto Sell to Credit/Debit Card’ Feature in Partnership with Paymonade $5 and $7 ADA ATH Price Set in Motion as Analyst Charts ADA’s Uphill Run of Over 700% Towards $2.7 Target CoinRoutes Partners with Crossover, Increasing Liquidity for Crypto Trading Analytics Firm Reveals 4 Altcoins That Upbit May List, Sending Prices Soaring! Solana surpasses Ethereum and the other crypto thanks to the memecoin Crypto trader instantly loses $450,000 in minutes DMM Crypto and Neoclassic Lead the Charge for Web3 Gaming Growth Hex Trust expands the Bitcoin ecosystem with Babylon's layer-2 Bitcoin on Verge of Potential Golden Cross, Likely Scenarios? Tokenization protocol Midas launches yield-bearing token that pays out returns in bitcoin-denominated assets Binance announces support for hard forks, updates on Harmony and VITE blockchains 4 XRP Competitors to Buy to Turn $1 to $1000 in 2024 Ethereum Price Prediction: Ethereum Continues Its Downward Slide El Salvador’s Prez Donates 2 Bitcoins For Education in Honduras Binance Allows ETH Swaps for Aragon Token Holders Ethereum Foundation Sells 4,066 ETH in 2024, Raises $11.22M Crypto Liquidations Hit $271 Million, What's Going On? Gold is outperforming Bitcoin and elevated risk assets Pundit Says Solana and Ethereum Will Outdo Bitcoin on a Donald Trump Win If Bitcoin Breakout is Genuine, Price Will At Least Double to $130K: Top Analyst Here’s Why Shiba Inu Price Might Swing Opposite to Crowd Sentiment Solana, Sui, Jupiter, Worldcoin: Price Analysis and Outlook Satoshi’s Bitcoin Vision to Be Realized by 2030 – Details from CryptoQuant CEO Cat-Themed Meme Coins Steal the Spotlight, Setting New All-Time Highs Hamster Kombat Telegram Subscribers Dropped Sharply in October Bitcoin Correction Nearly Over as US Election Edges Closer Pundit Notes Why XRP Could Outshine Bitcoin in the Future Chainalysis discovers 82K wallets tied to address poisoning scam Litecoin set for recovery? LTC’s $36B on-chain activity suggests… Solana Looks Overbought Against Ethereum; BTC-Gold Ratio Stuck in a Downtrend FCA-Regulated Crypto Trading Firm Portofino Technologies Sees Staff Exodus Crypto Analyst Issues Bitcoin Alert, Says BTC Primed To Nuke After Hitting Local Top – Here Are His Targets Government Lawyers Defend Nishad Singh Saying He Provided ‘Substantial Assistance’ in FTX Investigation BONK Price Nears Resistance: Bulls to Push Towards New High? Zero SHIB Burned in 24 Hours – What's Going On? Gold Rally Needs to Pause for Bitcoin Price to Break All-Time High, Data Suggests SUI Bears Tighten Grip, 19% Price Drop on the Horizon Consensys appeals for pro-web3 regulation in open letter to future US president Popcat hits all-time high flipping Bonk and Floki Ripple CEO Evaluates Trump-Harris Race! Talks About Probability of Approval for XRP ETFs! Staked Ether hits new highs, what it means for the ecosystem Scammer who stole 4,100 Bitcoin appears in US court charged with wire fraud Bitcoin ETF inflows resume with $192.3m as BTC rebounds from $65K StakeStone Partners with Sonic Labs for Greater Yield and Liquidity in DeFi ApeCoin (APE) Dumps 10% After Recent Rally, Bitcoin (BTC) Recovers $2K Daily (Market Watch) Even $3.7M BOME profit couldn’t save this trader from SHAR rug pull These 2 Metrics Show ApeCoin (APE) Price Correction May Not Be Over Yet ⚡ CRYPTONEWS x LEDGER Giveaway XRP Ledger Sets New All-Time High for Daily Tokens Issued Bitcoin must hold this 2021 level as traders see BTC price dip 'over' Ethereum Keeps Plunging Against Bitcoin Base Meme Coin Surges 600% After “Terminal of Truths” Mention STOKR raises $7.98 million to establish one of first corporate bitcoin treasuries in Europe Shiba Inu Confirms Imminent Launch of ShibaSwap 2.0 What’s Next for Ethereum as It Hits 42-Month Low Against Bitcoin? Bitcoin miner TeraWulf plans to raise $350 million through convertible notes for share buyback Ethereum (ETH) Gas Cost to Plummet by Four Times: Vitalik Buterin's Unexpected Statement Bitcoin Trader Warns of Correction as BTC Dominance Reaches 2021 Levels; Solana Leads Market Gains Jupiter (JUP) Climbs To 30-Day High, Bulls Eye More Gains Top Analyst Says One Indicator Consistently Flashing Bull Market Signals for Bitcoin (BTC) Base plans to introduce fault proofs this month, aiming for decentralization BlackRock goes on Bitcoin buying spree when others flee Ethereum Pulls Back To $2,582, Amid Mixed Analyst Views $581m in Bitcoin left CEXs in 7 days, whales restart accumulation Here is Shiba Inu Price if SHIB ETF Approves and Gets 50% of BTC ETFs Flow Ethena Looks Bearish As Top Holders Sell Institution Takes $25M Hedge Bet on Derive's Bitcoin Options Market as U.S. Election Looms Analyst Issues Warning for XRP Price: Key Resistance At $0.65 Unbroken Free Market Capitalism vs. Crony Capitalism: Unveiling the Key Differences How to Set Up ApeChain Mainnet on MetaMask Expert Analyst Issues 'Final Warning' For Solana Price Before 60% Rally Bittensor (TAO) Price Primed for Breakout, Will It Hit a New All-Time High? Cardano (ADA) Struggles to Build Bullish Momentum: Will It Turn Around? Upbit Announced Listing of a New Altcoin, Price Has Increased Incredibly! Goatseus Maximus (GOAT) Price Set for New Highs as Trend Remains Strong Buterin and RISC Zero CEO Discuss Ethereum’s ZK-Powered Future ApeCoin Sell-Off Follows ApeChain Launch, Triggering Price Correction Fairshake Leads Crypto PACs in $800K Daily Push Against Anti-Crypto Sherrod Brown Tesla reveals it didn’t sell any Bitcoin holdings in Q3 Trump election victory could push Bitcoin to $92K, says Bitwise exec Jailed crypto scammers blew stolen funds on shark tank, hookers: Report Bitcoin Retakes $67K, Dollar Index Rally Stalls as Beige Book Supports Fed Rate Cuts Radiant Capital hacker moves $52M in stolen funds MENA’s Premier Web3 and Blockchain Summit: RAK DAO Conference to Take Place on October 25 Dogecoin Price ‘Looks So Ready’ As Analyst Foresees A 5,200% Upside PEPE Price Consolidating, May See Breakout In November Ethereum Price Faces Key Hurdles: Can It Break Through? Massive DOGE Rally Incoming? Analyst Forecasts Parabolic 5,220% Surge Garanti BBVA Partners with Ripple and IBM for Digital Asset Security Vietnam Bets Big on Blockchain With Ambitious 2030 Strategy Bitcoin’s Network Fundamentals Turn Bullish—Here Are The Details BRICS Summit 2024: China, Russia, Iran Urge for Crypto Payments in De-Dollarization Effort XRP Price Aims to Recover: Can It Reverse the Downtrend? BNB Spiked 9,813% from 2020 to 2021; Here’s XRP Price if It Rallies by a Similar Margin Ripple ‘made a mistake’ not talking to regulators early, says CEO Will Hamster Kombat Price Surpass $0.1 Amid Season 2 Launch? Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming? Bitcoin Bounces Back Above $67,000 as Traders Navigate a ‘Liquidity Hunt’ Post-Surge Number of Bitcoin Whales Jumps to Highest Since January 2021 Denmark Tax Council recommends bill to tax unrealized crypto gains Teen’s mom sues Character.ai, alleging sexed-up bots led to son’s death Carrot Swap launches Incentivized MainNet on Neo X with reward points system Hash War auto battler game integrates Neo X, offers exclusive hero Chainlink Holders Accumulating Amid CCIP Upgrade: Is A LINK Breakout Imminent? OpenAI Policy Expert Miles Brundage Resigns Amid New Models Launch Expert Picks 5 Altcoins To Watch, Declaring Arrival Of The Altseason After Three Years Ethereum (ETH) Price Could Skyrocket to $10,000, Analyst Predicts Based on Techincal Patterns Another Move Higher for Altcoins on the Table As ‘Constructive’ Price Action Unfolds, According to Top Analyst Bitget CEO Gracy Chen Reveals Secret Behind Company's Success Shiba Inu (SHIB) Very Close to Failure, XRP Returns to July Level: What to Expect, Bitcoin (BTC) Has to Avoid Falling Below This Level HEX Price Drops 9% As Bearish Momentum Dominates The Market Bitcoin’s 16th Anniversary: Gary Gensler Talks Crypto Risks Bitcoin Price Shows Bearish Engulfment After Breakout, Here’s How Far The Price Could Crash Can BRICS miners really win the hashing war and bypass sanctions? Buterin proposes radical shift in Ethereum to reduce hardware requirements 5 Million Strong: Active Ethereum Wallets Drive Strong Momentum SEI Approaches Critical Demand Zone: Will Bitcoin Hold the Key to the Next Move? What Cryptocurrency Could See Exceptional Growth in 2024?