Bitcoin does the complete opposite of what the EU’s central bank warned about in late 2022.
Bitcoin (BTC) has gained almost 170% since the European Central Bank (ECB) warned of its impending “irrelevance.”
As noted by crypto proponent Eric Wall and others on Dec.
ECB Bitcoin myopia: “What else are they wrong about?”
Bitcoin traded at just $16,400 when on Nov. 30, 2022, the ECB published a blog post dedicated to its death.
Coming just after the implosion of exchange FTX and subsequent market flight, the post argued that even those levels were a stopping point on the way to new lows.
“The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022.
“For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights.
This “last gasp” initially continued to play out.
A year after the ECB’s premature obituary, Bitcoin is at its highest since April 2022 — at $43,800 at the time of writing, or 166% higher than when the bank sounded the alarm, per data from Cointelegraph Markets Pro and TradingView.
