Ethereum

Reserve

Bitcoin

when

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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

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