According to Cointelegraph: Bitcoin has surged remarkably, almost 170%, despite the European Central Bank’s (ECB) warning of the cryptocurrency becoming "irrelevant" in late 2022, proving the former's resilience against market skepticism.
According to crypto advocate Eric Wall and other commentators, BTC's bullish price action contradicts the ECB's dire predictions. Bitcoin was trading at a meager $16,400 in November 2022 when the ECB published a blog post predicting its imminent demise. The ECB’s forecast, following the FTX exchange downturn and a subsequent market flight, suggested a continual decline in Bitcoin value.
"Bitcoin proponents believe that the recent stabilization signals a temporary pause before reach new valleys. Probable reality, however, displays an artificially induced expiration of breath before the degradation into irrelevance," the ECB's blog post insinuated.
Bitcoin proved resilient, however, experiencing a rapid 70% revival in Q1 2023 after a brief decline to $16,400 in mid-December. A year after the ECB’s ill-timed prediction, Bitcoin is edging its highest level since April 2022, posting $43,800 at the time of writing, showcasing a 166% surge since the ECB's notification.
In response to the ECB's mishap, Philip Swift, founder of the statistical platform Look Into Bitcoin, and Alex Thorn, head of firmwide research at the crypto education resource Galaxy, expressed satisfaction and skepticism over ECB's predictive abilities.
Despite the ECB’s notorious Bitcoin skepticism, it is currently preparing for a potential central bank digital currency (CBDC) rollout, which has faced considerable scrutiny as ECB Chief Christine Lagarde confessed its use for transaction "control."
