The constant rise in the price of bitcoins can lead to the impoverishment of people, said the experts of the European Central Bank (ECB) Ulrich Binsale and Jürgen Schaaf.
„Bitcoin does not increase the productive capacity of the economy, the effects of continued growth are essentially redistributive, that is, the impact of wealth on the consumption of the first owners of Bitcoin can only come at the expense of the consumption of the rest of society, experts said. “If the price of Bitcoin rises permanently, the existence of Bitcoin will impoverish those who do not own it, as well as those who bought it later.“
Economists note that bitcoin has “never been used to any significant extent for legitimate real-world transactions”. The use of cryptocurrency “remains the financial product of choice among financial predators, lawbreakers and criminals worldwide.“
The ECB experts stressed that most economists consider Bitcoin a “speculative bubble that will eventually burst".