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The ECB Unyielding: A Black Swan is Coming for National Banks with Bitcoin Reserves?
In a recent statement, the European Central Bank (ECB) President Christine Lagarde expressed skepticism about the possibility of central banks incorporating Bitcoin into their reserves. Her comments were echoed by Italian economist and former head of the Bank of Italy, Ignazio Cipollone, who dismissed any similarities between gold and Bitcoin.
Cipollone’s remarks follow a recent statement from the Czech National Bank (CNB) suggesting that they may consider adding Bitcoin to their reserves. Lagarde, however, has expressed doubt about this prospect, stating that central banks will likely reject such proposals.
“I would be cautious about drawing an analogy,” Cipollone said, emphasizing the differences between gold and Bitcoin in terms of market structure, transparency, and acceptance. “I don’t know how deep the gold market is, but on that market, there are central banks and not just inherited systems. We should not get stuck on a superficial comparison between gold and Bitcoin.”
He also highlighted the historical significance and commercial-industrial applications of gold, which do not apply to Bitcoin. “National banks partly invest in gold due to inheritance, but this precious metal has internal, commercial, and industrial value. Bitcoin has none of these attributes,” he emphasized.
Cipollone’s comments further underscore the ECB’s apparent reluctance to accept Bitcoin as a viable store of value or reserve asset. However, it is unclear whether national banks will share Lagarde’s skepticism.
Despite Lagarde’s statements, some central banks appear undeterred in their consideration of Bitcoin reserves. The question remains: can these institutions ignore the increasing demand for decentralized and transparent financial systems?
Source: http://www.bitcoinbazis.hu
