ECB says Bitcoin is artificially propped up, shouldn’t be legitimised

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Reuters UK

FRANKFURT (Reuters) – Bitcoin is being artificially propped up and should not be legitimised by regulators or financial companies as it heads for “irrelevance”, the European Central Bank said on Wednesday. Bitcoin and other cryptocurrencies have been variously presented as an alternative form of money and a shield from the inflationary policies pursued by major central banks such as the ECB in recent years. But a 75% fall over the past year, just as inflation reared its head, and a string of scandals including the collapse of the FTX exchange this month has given critics among central bankers …

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