From nostr:npub1hxjnw53mhghumt590kgd3fmqme8jzwwflyxesmm50nnapmqdzu7swqagw3 :

European Central Bank Director General Ulrich Bindseil and Advisor Jürgen Schaaf published a new paper titled "The distributional consequences of Bitcoin." It claims that a prolonged increase in Bitcoin prices would lead to wealth effects favoring early holders at the expense of non-holders and latecomers.