European Central Bank says bitcoin is on the ‘road to irrelevance’

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The European Central Bank gave a strong critique of bitcoinon Wednesday, saying the cryptocurrency is on a “road to irrelevance.”

In a blogpost titled “Bitcoin’s last stand,” ECB Director General Ulrich Bindseil and analyst Jürgen Schaff said that, for bitcoin’s proponents, the apparent stabilization in its price this week “signals a breather on the way to new heights.”

“More likely, however, it is an artificially induced last gasp before the road to irrelevance — and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000,” they wrote.

Bitcoin topped $17,000 on Wednesday, marking a two-week high for the world’s largest digital coin.