ECB: Early Bitcoin Adopters Accused of Stealing Economic Value from Latecomers

Researchers at the European Central Bank (ECB) have released a study that claims that the first Bitcoin holders Bitcoin reap disproportionate profits at the expense of latecomers. The report assures that those who entered the Bitcoin market early have "skimmed off the cream" of the profits, and those who joined later allegedly, are in continuous losses, enriching the earlier group. The authors literally accused cryptocurrency enthusiasts of exploiting their followers. 

The study, which presents itself as a scientific research, faced immediate backlash online. In particular, an early Bitcoin follower, Tuur Demester, harshly criticized this work, denouncing the article as aggressive. He framed it as an attack on cryptocurrency holders and suggested that this was to be expected, given Bitcoin’s growing role in the modern world. Bitcoin becomes a stumbling block between the authorities and ordinary people. In his opinion, this tension highlights a larger battle over the basic right to own property, who have to prove their basic right, while the authorities do not show this no respect.

He considered that this was an attack on the owners of cryptocurrencies and expressed the idea that this was expected. He rightly pointed out that Bitcoin has become a stumbling block between the authorities and ordinary citizens who have to prove their basic right to own property, while the authorities show little respect for it in the context of decentralized finance. In my view, the ECB's report feels like an attempt to discredit a movement that challenges the centralized control of wealth and power.

However, it's hardly surprising. Earlier this year, an ECB representative bluntly stated that Bitcoin wasn't "suitable for anything." Now, with this report, experts are shrugging shoulders: either the respected financial institution is being dishonest, or it's deceiving itself. There seems to be no third option.

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