{"id":252107,"date":"2024-02-22T15:55:57","date_gmt":"2024-02-22T10:25:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=252107"},"modified":"2024-02-22T15:55:57","modified_gmt":"2024-02-22T10:25:57","slug":"european-regulators-labels-bitcoin-as-costly-inconvenient-despite-etf-approval-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/european-regulators-labels-bitcoin-as-costly-inconvenient-despite-etf-approval-crypto-news\/","title":{"rendered":"European Regulators Labels Bitcoin As Costly & Inconvenient Despite ETF Approval – Crypto News"},"content":{"rendered":"

<\/p>\n

\n

European regulators have once again thrown shade on Bitcoin, despite the recent approval of exchange-traded funds (ETFs) in the United States. The European Central Bank (ECB) has reiterated its stance, emphasizing the shortcomings of Bitcoin as a digital currency and investment.<\/p>\n

Meanwhile, this comes as a blow to enthusiasts who hoped for a significant shift in perception with the ETF green light. However, let\u2019s delve into why European regulators remain skeptical about Bitcoin\u2019s prospects despite the recent developments.<\/p>\n

<\/p>\n

European Regulators Highlights Bitcoin Challenges<\/h2>\n

European regulators have once again cast doubt on Bitcoin\u2019s viability as a global currency and investment avenue, despite recent positive developments in the United States. The European Central Bank (ECB) highlighted Bitcoin\u2019s failure to achieve decentralization and its susceptibility to fraud and manipulation. According to the ECB\u2019s blog post<\/a>, Bitcoin remains burdened by high costs, sluggish transaction speeds, and limited utility for legitimate transfers.<\/p>\n

Meanwhile, the ECB\u2019s skepticism extends to the recent approval of Bitcoin ETFs<\/a> by the US Securities and Exchange Commission (SEC). While some hailed this as a watershed moment for Bitcoin, European regulators remain unconvinced.<\/p>\n

In other words, the ECB blog dismisses the ETF approval as akin to \u201cThe Naked Emperor\u2019s New Clothes,\u201d suggesting that Bitcoin\u2019s fundamental flaws persist regardless of regulatory nods.<\/p>\n

<\/p>\n

In addition, despite being granted legal tender status in El Salvador<\/a> and receiving government backing, BTC\u2019s adoption as a mainstream means of payment remains elusive. The ECB notes that outside criminal activities on the darknet, Bitcoin transactions for legitimate purposes are rare. Even efforts to incentivize its use, such as offering free BTC to citizens, have failed to ignite widespread adoption, the report added.<\/p>\n

<\/p>\n

Also Read: Bitcoin ETFs Shocks Crypto Market With $88M Outflow, What\u2019s Next?<\/a><\/strong><\/p>\n

Structural Challenges and Market Realities<\/h2>\n

ECB said that Bitcoin\u2019s resurgence in value since late 2022 has raised eyebrows, with prices surging despite ongoing concerns. Notably, the recent rally has been attributed to factors like anticipated changes in US Federal Reserve interest rates and the upcoming Bitcoin halving<\/a>.<\/p>\n

However, European regulators caution against reading too much into short-term market movements. While BTC\u2019s current rally<\/a> may be fueled by temporary factors, underlying structural issues persist, the blog showed.<\/p>\n

<\/p>\n

In addition, the ECB emphasized that price manipulation, criminal utilization, and regulatory misjudgments continue to plague the cryptocurrency<\/a> landscape. Despite efforts to regulate the industry, challenges remain in curbing illicit activities and mitigating environmental impact.<\/p>\n

European regulators\u2019 skepticism towards Bitcoin<\/a> underscores the enduring challenges facing the cryptocurrency. As per ECB, despite recent regulatory approvals and market rallies, fundamental flaws persist, casting doubt on BTC\u2019s long-term sustainability and mainstream adoption.<\/p>\n

Also Read: Ethereum Dencun Upgrade- These Six Layer-2 Platforms To Benefit the Most<\/a><\/strong><\/p>\n

<\/p>\n

\n
\n

\u2713 Share:<\/p>\n

<\/a><\/p>\n

\n <\/p>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n
\n
\n

<\/p>\n

\"\"<\/div>\n
Top Crypto Marketing Firms \/ Agencies 2023; Here\u2019s Best Picks [Updated]\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n

\n
\n

<\/p>\n

\"\"<\/div>\n
Top 10 Web3 Games To Explore In 2023; Here List\n <\/div>\n

<\/a><\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p>\n

\n
\n
\n
\n
\n<!–<\/p>\n
<\/div>\n

–><\/p>\n

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience. <\/p>\n<\/p><\/div>\n

\n \"\"\"\" <\/div>\n<\/p><\/div>\n<\/p><\/div>\n
\n

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

<!– <\/p>\n

\n
\n Crypto Stories<\/span><\/p>\n

View all<\/a>\n <\/div>\n

\n
\n
\n
\n <\/p>\n
\"7<\/div>\n
7 Cryptocurrency Trends You Can\u2019t-Miss Today <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"Is<\/div>\n
OpenAI Makes Worldcoin Better \u2013 Should You Try It? <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n
\n
\n <\/p>\n
\"Can<\/div>\n
Can Crypto and AI Thrive Together? <\/div>\n

<\/a>\n <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

–><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

European regulators have once again thrown shade on Bitcoin, despite the recent approval of exchange-traded funds (ETFs) in the United States. The European Central Bank (ECB) has reiterated its stance, emphasizing the shortcomings of Bitcoin as a digital currency and investment. Meanwhile, this comes as a blow to enthusiasts who hoped for a significant shift […]<\/p>\n","protected":false},"author":2,"featured_media":177696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-252107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=252107"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252107\/revisions"}],"predecessor-version":[{"id":252113,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252107\/revisions\/252113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/177696"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=252107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=252107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=252107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}