ECB economist: Bitcoin could exacerbate poverty among latecomers and non-holders
Ulrich Bindseil and Jürgen Schaaf, economists at the European Central Bank (ECB), published a paper last week titled "The Distributional Consequences of Bitcoin". They believe that the rise of Bitcoin is making early adopters rich at the expense of society. They argue that the speculative growth of Bitcoin leads to wealth redistribution, with early investors profiting while holders and latecomers become poorer. Economists warn that this dynamic could harm social stability, deepen inequality, and threaten democracy itself. They claim that the economic impact of Bitcoin is a zero-sum game.
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