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【Experts Question ECB’s Claims on Bitcoin and Wealth Inequality】 October 23, a recent paper report from the European Central Bank believes that the appreciation of Bitcoin is widening the wealth gap, benefiting early adopters at the expense of latecomers. It mentions Bitcoin's volatility and regards it as a speculative asset with little productive economic contribution. The paper also positions central bank digital currencies (CBDCs) as a better alternative to Bitcoin, arguing that they provide stability and financial inclusion.This description portrays Bitcoin as an unstable force that could undermine the existing economic order. However, critics believe that the ECB's analysis misunderstands the development of Bitcoin and its role in the financial system.Critics say that the paper's focus on Bitcoin's volatility ignores Bitcoin's function as a store of value (like gold). The rise in Bitcoin prices shows that its role as a hedging tool is increasingly recognized, rather than speculation. Freddy, head of policy at Bitcoin Policy UK, said: “Regrettably, the authors of papers like this often fail to review the latest research and developments in the field - for example, Bitcoin’s increasingly important role for activists working under oppressive regimes, where there may be no alternative means of payment, or its important role in providing cheap, fast and secure cross-border remittances. Not looking at the latest research really reduces the value of any paper like this.”
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