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Cardano Founder Charles Hoskinson has praised Elon Musk's social media platform X (formerly Twitter) for crushing the European Central Bank's (ECB) latest diss against Bitcoin.
"Community Notes just murdered the ECB," Charles Hoskinson said in response to the ECB's tweet, criticizing Bitcoin as having "failed to become a global decentralised digital currency, instead falling victim to fraud and manipulation."
The ECB also stated that "the recent approval of an ETF doesn’t change the fact that Bitcoin was costly, slow and inconvenient."
The community notes accompanying the tweet cited Chainalysis to refute the ECB's claim that Bitcoin was prone to fraud and manipulation:
"Chainalysis found that only 0.34% of the transaction volume with cryptocurrencies in 2023 was attributable to criminal activity. Bitcoin's share of this is significantly lower, at 25%. Illicit transactions with euros accounted for 1% of the EU's GDP or €110 billion, in 2010."
Community Notes is a feature on X that allows contributors to add context, such as fact-checking a post, image or video. Community Notes aims to create a better-informed world by allowing X users to collaboratively add context to potentially misleading posts.
Tomiwabold OlajideHoskinson was overjoyed that the Community Notes did justice in providing the right context to the ECB Bitcoin tweet, challenging the ECB's claims and pointing out the flaws in their arguments.
In a throwback to events, on Thursday, the European Central Bank (ECB) issued a blog post about Bitcoin. According to ECB Director General Ulrich Bindseil and advisor Jürgen Schaaf, the world's first and largest cryptocurrency failed as a currency and investment, giving it a realistic worth of "zero dollars."
The central bank also stated that the lead crypto poses risks to the environment and enables criminal activity, describing last month's approval of Bitcoin ETFs as "the naked emperor's new clothes."
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov