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<p>Ruholamin Haqshanas</p>
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<p>Ruholamin Haqshanas serves as a contributing crypto journalist for CryptoNews. He has over four years of experience in financial and crypto journalism and has been featured in numerous reputable crypto platforms...</p>
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<img width="1200" height="686" src="https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="European Central Bank Claims Early Bitcoin Investors Exploit New Buyers" decoding="async" srcset="https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin.jpg 1200w, https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin-300x172.jpg 300w, https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin-1024x585.jpg 1024w, https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin-768x439.jpg 768w, https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin-150x86.jpg 150w, https://cimg.co/wp-content/uploads/2024/10/20084317/1729413797-bitcoin-450x257.jpg 450w" sizes="(max-width: 1200px) 100vw, 1200px"/>
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<p>A newly published paper by the European Central Bank (ECB) suggests that early investors in Bitcoin are profiting at the expense of newcomers to the market.</p>
<p>The paper contends that the decentralized and limited supply of Bitcoin has formed a dynamic in which those who purchased the cryptocurrency early or at lower prices are selling for profit, consequently disadvantaging new buyers.</p>
<p>The authors propose that Bitcoin should be subjected to rigid price controls or completely banned to prevent what they characterize as an “unjust” transfer of wealth.</p>
<h2 class="wp-block-heading" id="h-bitcoin-wealth-distribution-could-create-social-unrest">Bitcoin's Wealth Distribution Might Spark Social Unrest</h2>
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<p>As per the paper, the wealth distribution influenced by Bitcoin could incite social unrest.</p>
<p>“Current non-investors ought to understand they have strong incentives to oppose Bitcoin and lobby for legislation to limit its price surge or aim for Bitcoin’s total elimination.”</p>
<p>The ECB report also raises alarms about Bitcoin's involvement in criminal actions, citing previous research indicating its frequent use in unlawful transactions.</p>
<p>However, this perspective is challenged by a May 2024 report from the U.S. Treasury Department, which highlights that traditional currency remains the predominant means for illicit activities, rather than cryptocurrencies like Bitcoin.</p>
<p>Notably, the ECB document does not analyze the reasons that have led to Bitcoin's price increase since its launch in 2009.</p>
<p>It overlooks that Bitcoin’s pseudonymous creator, Satoshi Nakamoto, designed it as both a decentralized payment system and a safeguard against the devaluation of fiat currencies.</p>
<p>Due to Bitcoin’s fixed supply of 21 million coins, its scarcity has been a significant factor in driving up its price, particularly as governments globally have inflated their money supplies.</p>
<h2 class="wp-block-heading" id="h-ecb-paper-fails-to-address-context-of-monetary-inflation">ECB Paper Neglects the Context of Monetary Inflation</h2>
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<p>Critics of the ECB's position argue that the paper neglects to consider the wider context of monetary inflation.</p>
<p>For instance, public sector debt in the UK reached nearly 98% of GDP in 2023-2024, marking the highest level since the 1960s.</p>
<p>In the United States, the national debt has surged to $35 trillion, partially fueled by a 41% increase in the M2 money supply since 2020.</p>
<p>The document's contradictory assertions—that Bitcoin has no intrinsic value yet poses a destabilizing risk—fail to acknowledge the inflationary pressures Bitcoin was designed to counter.</p>
<p>As traditional currencies depreciate, Bitcoin’s status as a store of value continues to draw interest from both institutional and retail investors.</p>
<p>Simultaneously, there has been a rising interest in Bitcoin and Bitcoin-related products among both retail and institutional investors.</p>
<p>A recent survey conducted by the financial services giant Charles Schwab revealed that U.S. investors are increasingly enthusiastic about ETFs that include cryptocurrencies.</p>
<p>The survey discovered that 45% of respondents intend to invest in crypto via ETFs within the upcoming year, up from 38% the previous year.</p>
<p>The surge in interest in cryptocurrencies has now eclipsed demand for bonds and other alternative assets, with only U.S. equities receiving more attention, as 55% of participants indicated plans to invest in stocks.</p>
<p>Millennial ETF investors displayed even greater enthusiasm for crypto, with 62% planning to allocate funds to this sector, compared to 48% for U.S. stocks, 47% for bonds, and 46% for real assets such as commodities.</p>
</div>This revised content maintains the original structure, while the wording has been changed to provide a fresh perspective.
