Thursday, January 20, 2022

European Central Bank VP Derides Bitcoin, Calling it a ‘Tulip’

European Central Bank VP Derides Bitcoin, Calling it a ‘Tulip’

While the general populace continues to see bitcoin more and more as a legitimate currency, with Japan and others recognizing it as a valid form of payment, the European Central Bank seemingly refuses to give it any credibility.

Also read: Jamie Dimon: A Hypocrite Leading a Company Built on Fraud

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European Central Bank VP Calls Bitcoin a ‘Tulip’

A lot of the world has embraced bitcoin, as well as cryptocurrencies in general, in the last couple years.

Even the more unfriendly countries, such as Russia — where bitcoin is still (technically) illegal — have started to come around as they consider decriminalizing the crypto.

However, one major international institution has, as of late, made a habit of rejecting cryptocurrencies outright.

The ECB, or high up officials within the ECB at least, have publicly voiced their opinions regarding crypto the last two months — making it obvious that they don’t take cryptocurrencies seriously.

Indeed, ECB’s own vice president, Vitor Constancio, thinks bitcoin isn’t a currency. He doesn’t even take it seriously as a financial asset at all.

He was quoted as saying the cryptocurrency was a “kind of tulip” during a Frankfurt conference he attended on Friday — in reference to the Dutch tulip bubble in the 17th century.

ECB Shoots Down Estcoin and Echos Jamie Dimon

Of course, Constancio’s comments weren’t the only negative comments hurled towards Bitcoin recently.

Arguably, an even more high-profile example was when the CEO of JPMorgan, Jamie Dimon, trashed Bitcoin — calling it a fraud.

Vitor Constancio Bitcoin
Vitor Constancio

He also went on to say that he would fire anyone trading the cryptocurrency “in a second” while speaking at a Barclay’s investment conference earlier this month.

Not only did ECB echo Jamie Dimon’s negative sentiments towards Bitcoin, but it was also equally as harsh to the idea of another cryptocurrency called “Estcoin.”

Estonia’s proposed national cryptocurrency for its e-residency program was also shot down by the President of the ECB.

When asked about it during a press conference he rejected the idea immediately, stating that the Euro was the official currency of the Eurozone and, by law, no member states can issue their own competing currency.

So, despite the rest of the world warming up to Bitcoin and cryptocurrencies it seems the EU, or at least its central bank, remains rigid in its opposition to both — not accepting any competitor to its native currency, the Euro.

What do you think of Jamie Dimon and the ECB VP’s personal view of Bitcoin? Let us know in the comments below.


Images via European Central Bank, Vitor Constancio

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