The Europen Union is developing rules and regulations that could be equivalent to a defacto ban on Bitcoin by 2025. Moreover, the European Central Bank (ECB) is spearheading the effort with support from two other major banks.
On Jan. 31, Bitcoin environmentalist and venture capitalist Daniel Batten reported that the Bank of International Settlements (BIS) and the Dutch Central Bank (DNB) are working with the ECB to quash crypto.
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How 3 EU Central Banks are working together to try to weaken Bitcoin
What action each of them has taken
What are their next moves
What we must do
— Daniel Batten (@DSBatten) January 31, 2024
Central Bank Bitcoin Angst
Batten noted that during the global financial crisis of 2008, people realized that central banks were the root of all the monetary system’s injustices. This premise was also realized by the pseudonymous Satoshi Nakamoto, who created Bitcoin in response.
He added that in a move that threatened Central Banks more than they let on, Stella Assange called Bitcoin “The real Occupy Wall St” in 2022.
“Central Banks now know they cannot kill Bitcoin. Their strategy is to weaken it to the point that CBDCs gain ascendency.”
He reported the ECB’s approach was to ridicule Bitcoin up until 2018, after which “they moved into fight mode.”
Their primary attack vector has been disseminating FUD that Bitcoin is bad for the environment. This is an untruth that has been debunked by facts and science, as BTC can actually be beneficial for power grids and is using more renewable energy than ever before.
These three big banks have been working together to achieve their goal. BIS used its influence with nation-state leaders to create a report for the G20, claiming Bitcoin is a threat to financial security.
The ECB leveraged its relationship with ESMA (European Securities and Markets Association), which has been empowered to assess Bitcoin’s threat to the environment and EU energy security.
Finally, the DNB used an employee, Alex de Vries, who saw that if Bitcoin mining could be vilified as an environmental threat, both the public and regulators could turn against it.
Why Banks Hate Bitcoin
Banks are against decentralized digital assets because they are a threat to their profit models. A bank essentially profits by lending out other people’s money, so a peer-to-peer cash network eliminates this profiteering ‘middleman,’ enabling users to transact directly for a fraction of the cost.
Additionally, Bitcoin and crypto also remove the control banks and governments have over people’s finances, liberating them from surveillance and an ever-increasing level of restrictions on what they can do with their own money.
“Central Banks are a powerful network that looks out for each others’ continuation of power, control, and the financial status quo,” Batten said.
CBDCs will extend this level of control and could even be used to curtail or control people’s spending on an environmental or carbon footprint basis.
Therefore, Bitcoin is the biggest threat to central banks, which in turn are the biggest threat to your financial freedom.
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