ECB Advisor Jürgen Schaaf Calls for Bitcoin Elimination, Warns of Threat to Societal Stability

Jürgen Schaaf, advisor to the Senior Management of the Market Infrastructure and payments business area of the ECB, has suggested that Bitcoin, the leading cryptocurrency by market cap, should be eliminated.

A senior advisor at the European Central Bank (ECB) has called for the elimination of Bitcoin.

Jürgen Schaaf, advisor to the Senior Management of the Market Infrastructure and payments business area of the ECB, took to social media to share his thoughts on the leading cryptocurrency.

"There are compelling reasons to advocate for policies that curb Bitcoin’s growth or even eliminate it," he said.

Schaaf's argument centers around the idea that Bitcoin’s price appreciation is largely fueled by the losses incurred by latecomers to the crypto market or those who choose not to participate in it. He likened the process to "filling a big barrel by draining water from many buckets."

"The latecomers have to give up for the benefit of the early birds," he explained.

According to the ECB advisor, pro-Bitcoin politicians could end up worsening the skewed distribution of wealth, which might put strain on society as a whole.

"The wealth and consumption of the early birds will continue to rise, while others will get poorer, irrespective of whether they actually hold the flagship cryptocurrency," Schaaf noted.

He added that the early birds' crypto-driven increase in consumption will come at the expense of other people.

"If the price of the leading cryptocurrency continues to rise, those who missed out on the digital asset will experience diminished consumption. This would mean 'actual impoverishment.'"

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