- Lagarde from ECB has said that BTC is not a liquid, safe and full crime to be considered a reserve.
- But Bitwise’s Andre Dragosch has invented these allegations.
The crypto community has criticized Christine Lagarde, the president of the European Central Bank, for its opposition against a bitcoin[BTC] Reserve among the Member States.
In a recent press, Lagarde stated”
“Reserves must be liquid, safe and safe and not plagued by suspicion of money laundering or criminal activities. As a result, I am convinced that Bitcoin will not introduce the reserves of one of the central banks of the General Council. ”
However, the community quickly opposed its argument and stated that Bitcoin meets all the criteria she emphasized.
BTC meets the reserve criteria of the ECB
Andre Dragosch, head of research in Bitwise Europe, noted that BTC is more fluid than the most liquid traditional assets (S&P 500). He stated”
‘Is Bitcoin liquid? SPDR S&P 500 ETF (SPY) – acts around 22 billion USD in volume per day. Bitcoin had just 54 BN USD in trade volume for the past 24 hours. “
For safety, miners protect BTC, the most decentralized network without counterparty risk. Dragosch added that people would need more than $ 20 billion to corrupt the BTC system, making it a relatively safer option.
With regard to criminal activity, crypto accounted for less than 1% of crime-related matters, according to the 2024 Chainalysis report. The analyst added,
“Only 0.14% of all transactions in chains are related to illegal activities, including money laundering. Bitcoin is only a fraction of it. ”
Source: chain analysis
Another user, Daniel Sempere, reflect The sentiment from Dragosch, who repeats that the Bitcoin network takes care of $ 2T in wealth and has never been hacked.
It is worth noting that Lagarde’s remark was related to the recent Czech Republic movement To diversify its national reserve by adding BTC.
Earlier in the week, the central banking government of Czech, Ales Michl, repeated the bank’s intention to add BTC to its reserves if approved.
Whether Michl will return to BTC after Lagarde’s caution can still be seen. In the meantime, the chances of polymarket rose that another country BTC short, short +70%.
Source: Polymarket