Euro Collapsed Against BTC: Balaji Srinivasan on ECB Bitcoin Criticism

European Central Bank representatives called Bitcoin a "naked emperor" amid the Bitcoin ETF frenzy in the U.S. Seasoned Bitcoiners addressed the never-ending hostility from top EU finance watchdog.

Euro collapsed against Bitcoin: Crypto Twitter on Bitcoin ETF criticism from regulator

Renowned venture capitalists and former Coinbase CTO Balaji Srinivasan demonstrated the historic chart of the BTC/EUR pair to prove that Bitcoin (BTC) seems to be far more reliable a store of value than Euro. In a semi-ironic manner, he commented on another adamant anti-Bitcoin report shared by the ECB.

Since the inception of Bitcoin (BTC), the Euro has lost over 99% of its value against the first cryptocurrency. Srinivasan stated that, thus, the EUR "collapsed" in its pairing with the orange coin.

Another cryptocurrency veteran, Gabor Gurbacs, advisor of VanEck and Tether Limited, added that only time will tell whether the Euro is better than Bitcoin.

Also, he stressed that Bitcoin ETF approval cannot be ignored by European regulators:

The ETF approval in the U.S. is a big deal. You will fall behind if you are against Bitcoin.

Some of ECB's statements on Bitcoin (BTC), he added, are simply wrong.

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Wed, 11/30/2022 - 14:00

European Central Bank Issues Major Warning About Bitcoin

Alex Dovbnya

As covered by U.Today previously, the ECB periodically releases dramatic reports slamming BTC as a form of investment, medium of exchange and store of value. 

PoW mining risks, crime financing, price manipulations: Battle-tested mantras by ECB

For instance, in November 2023, ECB experts warned that Bitcoin (BTC) was already on a path to becoming irrelevant.

In a fresh report authored by Ulrich Bindseil and Jürgen Schaaf, two high-ranked ECB officers, the watchdog leverage a familiar set of narratives, calling Bitcoin (BTC) "the currency of crime" that is utilized for "financing evil."

Also, according to the ECB, BTC transactions remain slow, costly and inconvenient, while the mining of Bitcoin using the proof-of-work mechanism continues to pollute the environment on the same scale as entire countries.