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The European Central Bank Blog

ETF approval for #bitcoin — The naked emperor’s new clothes

"Bitcoin has failed on the promise to be a global decentralised digital currency and is still hardly used for legitimate transfers. The latest approval of an ETF doesn’t change the fact that Bitcoin is not suitable as means of payment or as an investment.

On 10 January, the US Securities and Exchange Commission (SEC) approved spot exchange-traded funds (ETFs) for Bitcoin. For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph. We disagree with both claims and reiterate that the fair value of Bitcoin is still zero. For society, a renewed boom-bust cycle of Bitcoin is a dire perspective. And the collateral damage will be massive, including the environmental damage and the ultimate redistribution of wealth at the expense of the less sophisticated."

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22 February 2024 — By Ulrich Bindseil and Jürgen Schaaf

The day has come! 🫣 For a while, I’ve been looking at the wonderful Bitcoin community, shyly, from the sidelines, supporting people and what they do for Bitcoin.

I thought I had nothing to say, or share with the world.

Then I realized, as a recruiter, that I had spent a fine amount of time daily, talking to job seekers about how they could improve their chances of landing their first Bitcoin-only job, or with the managers, how they could improve their recruiting. So it hit me- I have a lot to share, and I should write it down!

Today, I humbly present you my two ebooks. One is for job seekers in the Bitcoin industry, and another one is for start-ups on how to improve, or build from the ground up, their hiring processes.

I do this for the Bitcoin community, with the hope that we can create a common ground for job seekers and companies to better understand each other. For that reason, these guides are completely free, and no data will be collected.

I want to thank the people who supported me during this project:

Creators are going to LOVE what we're building here. They're going to use Nostr and not even realize that they're using Nostr. All that they're going to know is that they're putting out content, connecting with and engaging with their community, and they're getting paid for it in the hardest asset that the world has available. This tool launching with the #Bitcoin bull run is not a coincidence. It's destiny.