A recent European Central Bank (ECB) working paper criticizing Bitcoin (CRYPTO: BTC) has sparked strong reactions from cryptocurrency academics, accusing the paper of bias and flawed analysis.
What Happened: The paper, released on Oct. 12 by ECB authors Ulrich Bindseil and Jürgen Schaaf, painted a negative picture of Bitcoin’s future viability, focusing on its volatility, wealth concentration, and lack of productive contributions.
In response, a group of crypto academics published a rebuttal on Oct. 22, challenging the ECB’s findings and defending Bitcoin’s value and utility.
Murray Rudd, from the Bitcoin advocacy group Satoshi Action Fund, led the critique, accusing the ECB paper of misinterpreting Bitcoin’s primary purpose and technological foundations.
“By focusing on the early limitations, Bindseil and Schaff fail to acknowledge the significant progress made in improving its scalability …
Full story available on Benzinga.com