The European Central Bank ECB members says that the current bearish market is beginning to make Bitcoin irrelevant. In relation to this was the a reference they made that as at last year which was 2021 bitcoin was selling about $64k. The two officials in their post said that bitcoin is on the verge of being irrelevant because of the market price down trend.
Which is their publication said that;
“The value of Bitcoin peaked at $69,000 in November 2021 before falling to $17,000 by mid-June 2022. Since then, the value has fluctuated around $20,000. For Bitcoin proponents, the seeming stabilization 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 $16,000.”
Making relative claims against the digital asset, they went on in trashing it’s technology and how it’s value are just based on speculations all in the sense that it doesn’t have characteristics as that of the traditional assets.
“Bitcoin’s conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive. Bitcoin has never been used to any significant extent for legal real-world transactions.
In the mid-2010s, the hope that Bitcoin’s value would inevitably rise to ever new heights began to dominate the narrative. But Bitcoin is also not suitable as an investment. It does not generate cash flow (like real estate) or dividends (like equities), cannot be used productively (like commodities) or provide social benefits (like gold).
The market valuation of Bitcoin is therefore based purely on speculation.”
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