Charles Palmers

GM

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ECB paper claims older Bitcoin holders are exploiting new holders A recent paper published by the European Central Bank on Oct. 12, 2024, claimed that older Bitcoin BTCUSD holders profit at the expense of newer holders and argued that the scarce decentralized currency should be regulated to prevent its price from rising or outright banned. The authors claimed that those who acquired BTC at an earlier date, or those who bought at market bottoms, and sold to new investors at a profit were exploiting the newer buyers. This is, of course, how all financial markets work — investors aim to buy assets low and sell high. From this foundation, the authors concluded that Bitcoin should face strict price controls to prevent exploitation and the ensuing civil strife from this unfair wealth distribution: "In any case, current non-holders should realize that they have compelling reasons to oppose Bitcoin and advocate for legislation against it, aiming to prevent Bitcoin prices from rising or to see Bitcoin disappear altogether." The paper's authors also asserted that Bitcoin is rarely used as a payment method — while simultaneously citing a false claim made by an earlier research paper that Bitcoin is the preferred method of transaction for criminals. According to a May 2024 report from the United States Treasury Department, fiat cash remains the undisputed king for illicit transactions.