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.



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