The Naked Emperor’s New Clothes’: ECB on BTC ETF Approval

• The European Central Bank criticizes Bitcoin, arguing that it failed to prove itself as a financial asset.  
• The ECB officials allege the SEC’s Bitcoin ETF approval is “the naked emperor’s new clothes.”
• Charles Hoskinson slams the officials, referring to the community notes that laughed at ECB.

The European Central Bank’s (ECB) stark criticism and disregard for Bitcoin as a financial asset has recently created headlines, with the community condemning the post. Cardano Founder Charles Hoskinson wrote in his latest X post, “Community Notes just murdered the ECB.”

In a blog post on Thursday, ECB Director General Ulrich Bindseil and advisor Jürgen Schaaf argued that the largest cryptocurrency has failed to prove itself as an asset and investment. Adding that Bitcoin is still not used for legitimate transactions, ECB officials claimed, “The fair value of Bitcoin is still zero.”

According to their statements, the Securities and Exchange Commission’s (SEC) recent approval of Bitcoin ETFs is “the naked emperor’s new cloth…

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