Bitcoin (btc) has gained almost 170% since the European Central Bank (ECB) warned of its imminent “irrelevance.”
As noted According to cryptocurrency advocate Eric Wall and others on December 4, BTC's price action has done the complete opposite of economists' predictions.
ECB's Bitcoin Myopia: "What Else Are They Getting Wrong?"
Bitcoin was trading at just $16,400 when, on November 30, 2022, the ECB published a blog post dedicated to his death.
Just after the FTX exchange implosion and subsequent market breakout, the publication argued that even those levels were a stopping point. on the way to new lows.
“The value of bitcoin peaked at $69,000 in November 2021 before falling to $17,000 in mid-June 2022. Since then, the value has fluctuated around $20,000,” he said.
“For bitcoin advocates, the apparent stabilization signals a respite on the path to new heights. However, this is most likely an artificially induced last gasp before the road to irrelevance, and this was already foreseeable before FTX went bankrupt and sent the price of bitcoin well below $16,000.
This “last gasp” initially continued to unfold. After ironically gaining on press day, BTC/USD rose again to $16,400 in mid-December. After that, a quick comeback saw it rise by 70% in the first quarter of 2023 alone.
A year after the ECB's premature obituary, Bitcoin is at its highest level since April 2022, sitting at $43,800 at the time of writing, or 166% higher than when the bank sounded the alarm, according to data from Markets Cointelegraph Pro and TradingView.
Commenting on the funny mistake, Philip Swift, creator of statistics platform Look Into Bitcoin, joined Wall and felt a sense of satisfaction.
“You love watching it,” he said. commented while reposting a Wall chart on X (formerly Twitter).
Alex Thorn, head of company-wide research at crypto education resource Galaxy, questioned the ECB's prowess.
"This really is the best there is," he said. answered to the wall.
"If they are so wrong about this, what else are they wrong about?"
“Yes” to CBDC, “no” to BTC
The ECB is known as a Bitcoin skeptic, and market takeovers by the bank and its top officials often provoke embarrassment.
Related: Breakout or Bullish Trap of $40,000? 5 things you should know about Bitcoin this week
Last month, ECB President Christine Lagarde He complained that his son had ignored his advice into investing in cryptocurrencies and lost money as a result.
"I have, as you can see, a very low opinion of cryptocurrencies," Lagarde said in a speech cited by Reuters.
As Cointelegraph reported, the ECB is currently preparing for possible launch of a central bank digital currency, or CBDC, which has faced intense scrutiny after Lagarde admitted its usefulness for the “control” of transactions.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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