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 A new <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> from the <a rel="noopener noreferrer nofollow" title="European Central Bank" href="https://thebittimes.com/tag/european-central-bank.html">European Central Bank</a> (ECB) is drawing considerable criticism from crypto supporters after it described <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> fundamentals as “a fantastic condition for snake oil salesmen.”
 The report titled ‘ETF approval for bitcoin — the naked emperor’s new clothes’ clarifies the ECB’s position on bitcoin and the approval of a bitcoin exchange-traded fund.
 It opens with the claim that bitcoin has failed as a global decentralized digital currency and states that the latest ETF approvals don’t change its view that it’s “not suitable as means of payment or as an investment.”
 The ECB also argues that <a rel="noopener noreferrer nofollow" title="bitcoin" href="https://thebittimes.com/tag/bitcoin.html">bitcoin</a> is still “inconvenient, slow, and costly,” and that mining the currency “continues to pollute the environment on the same scale as entire countries.”
 Finally, it attempts to explain the currency’s recent upturn, saying that its price is easily manipulated, that authorities have failed in their judgements and measures, and that it has been boosted by use in crime.
 Predictably, the report and the ECB’s positions have come under fire from online crypto evangelists.
 Not only that, amidst the controversy and (predictable) pushback from Bitcoin supporters, the report’s accompanying X post was also slapped with a community note, claiming that “BTC is not preferable for criminals,” and that Bitcoin is in fact “good for the environment.”
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="898" height="1024" src="https://cdn.thebittimes.com/images/2024/02/23/f29ed20d274861c4abe9becebab85385.webp" alt class="wp-image-61276" srcset="https://cdn.thebittimes.com/images/2024/02/23/f29ed20d274861c4abe9becebab85385.webp 898w, https://cdn.thebittimes.com/images/2024/02/23/f29ed20d274861c4abe9becebab85385.webp 263w, https://cdn.thebittimes.com/images/2024/02/23/f29ed20d274861c4abe9becebab85385.webp 768w, https://cdn.thebittimes.com/images/2024/02/23/f29ed20d274861c4abe9becebab85385.webp 1032w" sizes="(max-width: 898px) 100vw, 898px">
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 The contradictory community note that soon accompanied the ECB’s tweet.
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 Read more: KSI’s crypto Twitter return hit with <a rel="noopener noreferrer nofollow" title="community" href="https://thebittimes.com/tag/community.html">community</a> note warning
 <h2 class="wp-block-heading" id="h-ecb-bitcoin-report-upset-crypto-evangelists">ECB bitcoin report upset Crypto evangelists</h2>
 Not surprisingly, some of Bitcoin’s more vehement supporters haven’t taken the ECB’s latest report lying down and countless tweets flooded the replies on the accompanying tweet. Among this criticism, the ECB was compared to a circus, the euro was branded a fraud, and the entire report was dismissed as ‘FUD.’
 <figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2024/02/23/816d817fae5337512bffed51f3e93fa4.webp" alt class="wp-image-61224" width="512" height="407" srcset="https://cdn.thebittimes.com/images/2024/02/23/816d817fae5337512bffed51f3e93fa4.webp 1024w, https://cdn.thebittimes.com/images/2024/02/23/816d817fae5337512bffed51f3e93fa4.webp 300w, https://cdn.thebittimes.com/images/2024/02/23/816d817fae5337512bffed51f3e93fa4.webp 768w, https://cdn.thebittimes.com/images/2024/02/23/816d817fae5337512bffed51f3e93fa4.webp 1177w" sizes="(max-width: 512px) 100vw, 512px">
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 Popular sleuth Hsaka placed the ECB’s previous 2022 statement on a timeline of bitcoin’s price, which one X (formerly Twitter) user claimed rose significantly following the statement. However, this form of ‘gotcha’ doesn’t address the ECB’s criticisms that the price of bitcoin is easily manipulated.
 <figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2024/02/23/201051c36a3f8afb391b3db083c739cd.webp" alt class="wp-image-61220" width="512" height="336" srcset="https://cdn.thebittimes.com/images/2024/02/23/201051c36a3f8afb391b3db083c739cd.webp 1024w, https://cdn.thebittimes.com/images/2024/02/23/201051c36a3f8afb391b3db083c739cd.webp 300w, https://cdn.thebittimes.com/images/2024/02/23/201051c36a3f8afb391b3db083c739cd.webp 768w, https://cdn.thebittimes.com/images/2024/02/23/201051c36a3f8afb391b3db083c739cd.webp 1536w, https://cdn.thebittimes.com/images/2024/02/23/201051c36a3f8afb391b3db083c739cd.webp 1582w" sizes="(max-width: 512px) 100vw, 512px">
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 Another X user made their feelings clear, posting a tweet that portrayed the ECB as clowns in a circus.
 <figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2024/02/23/28985b5e637dca6c53762032e0838529.webp" alt class="wp-image-61214" width="491" height="512" srcset="https://cdn.thebittimes.com/images/2024/02/23/28985b5e637dca6c53762032e0838529.webp 982w, https://cdn.thebittimes.com/images/2024/02/23/28985b5e637dca6c53762032e0838529.webp 288w, https://cdn.thebittimes.com/images/2024/02/23/28985b5e637dca6c53762032e0838529.webp 768w, https://cdn.thebittimes.com/images/2024/02/23/28985b5e637dca6c53762032e0838529.webp 1188w" sizes="(max-width: 491px) 100vw, 491px">
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 Numerous Bitcoin supporters took to X to point out that the euro has gradually fallen in purchasing power since the year 2000.&nbsp;“Is this you?” asked one user, referring to the graph.
 <figure class="wp-block-image size-large is-resized"><img decoding="async" loading="lazy" src="https://cdn.thebittimes.com/images/2024/02/23/25b50f15bc8c740312f7bf1bac572b8d.webp" alt class="wp-image-61215" width="512" height="306" srcset="https://cdn.thebittimes.com/images/2024/02/23/25b50f15bc8c740312f7bf1bac572b8d.webp 1024w, https://cdn.thebittimes.com/images/2024/02/23/25b50f15bc8c740312f7bf1bac572b8d.webp 300w, https://cdn.thebittimes.com/images/2024/02/23/25b50f15bc8c740312f7bf1bac572b8d.webp 768w, https://cdn.thebittimes.com/images/2024/02/23/25b50f15bc8c740312f7bf1bac572b8d.webp 1186w" sizes="(max-width: 512px) 100vw, 512px">
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 Ryan Selkis, the CEO of crypto analytics firm Messari boldly claimed that, “The euro will be dead in 4-5 years.”
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ecb-bitcoin-report-triggers-crypto-twitter-catches-community-note-tbt80620.html">https://thebittimes.com/ecb-bitcoin-report-triggers-crypto-twitter-catches-community-note-tbt80620.html</a>

ECB bitcoin report triggers Crypto Twitter, catches community note

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