The recent price stabilization was the last gasp, according to experts.
The world's most popular cryptocurrency, Bitcoin, is on its way to irrelevance, according to the Director General of the European Central Bank and his adviser. In a
, the duo questioned the utility of Bitcoin as a form of alternate currency and the value it has created for society thus far.The comments come at a time when the cryptocurrency industry is reeling under a shock from the collapse of FTX, one of the largest crypto exchanges in the world. The currency exchange, which was once valued at $32 billion, crumbled in a matter of days due to a liquidity crunch and high withdrawals from investors and had to file for bankruptcy.
Calling Bitcoin's market value based purely on speculation, the ECB experts added that speculative bubbles require waves of investors to pump money, which happened initially with Bitcoin and continues even today. Despite the crypto winter that is set in, venture capitalists continue to pump money into the crypto and blockchain industry.
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