The European Central Bank reserves bitcoin? The official reply said: No, it is just a speculative asset.

Today, as bitcoin prices continue to rise, bitcoin enthusiast Juuso Ilomaki on Twitter @ecb (European Central Bank official push) and asked:

“Does the European Central Bank plan to add Bitcoin to its reserves?”

Surprisingly, the ECB also really gave a reply, which wrote:

“No, Bitcoin is not a currency, it is a very volatile asset.”

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In fact, the European Central Bank also has an introduction to Bitcoin on its official website. It introduces BTC in this way:

“ Bitcoin is called a virtual currency, but what is it actually? What does it mean for real money?

Essentially, it is an electronically exchangeable digital token that does not exist in physical form. Bitcoin is created and tracked by a computer network that uses complex mathematical formulas rather than being created and tracked by a single authority or organization.

So it is correct to say that it is virtual, but it is wrong to call it money. Why is this?

  1. No one endorsed it;
  2. It is not a generally accepted form of payment;
  3. Users are not protected;
  4. Volatility is too large;

Then if it is not a currency, then what is it?

Bitcoin is a speculative asset. In other words, it's something you can take advantage of, but you may lose your investment.

Will the European Central Bank ban Bitcoin?

Prohibiting or regulating bitcoin or other cryptocurrencies is not the responsibility of the European Central Bank. However, given its lack of consumer protection, a cautious attitude is important .

If Rugarard is the new ECB president, will the central bank’s attitude towards Bitcoin change?

Recently, the International Monetary Fund (IMF) President Lagarde was nominated as the new European Central Bank Governor, and Lagarde has repeatedly published relevant comments on cryptocurrency. In an interview with CNBC, he said:

“I think that the subversives and anything that uses distributed ledger technology, whether you call it cryptocurrency, assets, currency, or anything else, is clearly shaking the system.”

Such comments are interpreted by cryptocurrency investors as a supportive attitude.

So, assuming Lagarde really serves as the ECB president, will the agency’s attitude toward Bitcoin change?

At present, the central bank seems to still hold a cautious attitude, that is, neither support nor objection. As the industry develops healthier and more stable, the ECB's attitude may change.

What do you think?

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