FRANKFURT :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.
The value of bitcoin peaked at nearly US$69,000 in November 2021 before falling to around US$17,000 by mid-June 2022, where it is still hovering now. They said VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July but did not provide evidence of price manipulation.
"The financial industry should be wary of the long-term damage of promoting bitcoin investments - despite short-term profits they could make," the authors of the blog said.
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