Ethereum

Reserve

Bitcoin

when

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Fabio Panetta, a member of the European Central Bank's Governing Council, recently&nbsp;<a href="https://x.com/classcnbc/status/1810627260405174550" rel="noopener noreferrer nofollow">took aim</a> at Bitcoin and Ethereum, the two largest cryptocurrencies, during a Tuesday conference that took place in Rome.&nbsp;
According to Panetta, these two leading cryptocurrencies have no intrinsic value and cannot perform monetary functions.&nbsp;
This is not the first time that Panetta has criticized the fledgling cryptocurrency industry. As&nbsp;<a href="https://u.today/ecbs-fabio-panetta-claims-bitcoin-threatens-global-sustainability-efforts" rel="noopener noreferrer nofollow">reported by U.Today</a>, he lambasted the adverse environmental impact of Bitcoin mining back in 2021, claiming that it could undermine global sustainability efforts. In an&nbsp;<a href="https://www.ft.com/content/e59e5d61-043a-4293-8692-f8267e5984c2" rel="noopener noreferrer nofollow">interview</a> with the Financial Times, he called Bitcoin "a very dangerous animal."&nbsp;&nbsp;
Panetta went even as far as claiming that cryptocurrencies have&nbsp;<a href="https://u.today/crypto-has-no-reason-to-exist-says-ecbs-fabio-panetta" rel="noopener noreferrer nofollow">no reason to exist</a> in the financial landscape. Apart from the mining industry, the prominent Italian central banker also criticized the lack of investor protection as well as rampant crypto crime.&nbsp;
It is worth noting that ECB President Christine Lagarde is on the same page as Panetta when it comes to the anti-crypto views. As&nbsp;<a href="https://u.today/ecbs-christine-lagarde-says-crypto-is-worthless" rel="noopener noreferrer nofollow">reported by U.Today</a>, she opined that digital assets were worthless back in 2022.&nbsp;
<h2 id="downplaying-inflation-concerns">Downplaying inflation concerns&nbsp;</h2>
During the most recent conference, Panetta also dismissed some concerns about stickier-than-expected services inflation.&nbsp;
The central banker supports lowering interest rates in the near future "at a gradual pace" after the ECB implemented a rate cut in June.&nbsp;
The rate cut came seven months in a row of lower inflation figures within the eurozone.&nbsp;
Bitcoin will likely benefit from the ECB's looser monetary policy. With that being said, the U.S. Federal Reserve is yet to start cutting rates.&nbsp;

ECB's Panetta Slams Bitcoin and Ethereum

İçindekiler

U_Today

9 Tem 2024 tarihli diğer yazılar

Circle Brings EURC To Base Boosting Stablecoin Adoption

Whale watch: Impact on BNB as tokens worth $100M see a move

Bitcoin Traders Face Record Losses: Is It Time to Buy and Hold?

Kwenta Receives Proposals to Integrate GMX and Gains Network into Perpetuals Marketplace

The Success of MoonBag Meme Coin Pushes Kaspa And Cronos Out of Focus

Dora Announces Close of $5.5M Early Stage Funding Round co-led by Dragonfly and Lemniscap (9 Jul)

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!