Central Banks in the EU Allegedly Conspire to Suppress Bitcoin, Research Shows
A new study spearheaded by Daniel Batten, a climate activist and managing partner at CH4 Capital, has unearthed evidence suggesting a coordinated effort by Central Banks, especially within the European Union, to diminish the influence and standing of Bitcoin.
This revelation points to a potential systematic approach by these financial institutions to weaken the cryptocurrency’s growing prominence in the global financial landscape.
Batten, known for his work with The Bitcoin ESG Forecast, has brought these findings into the public domain, sparking discussions about the future dynamics between traditional financial systems and emerging digital currencies.
Batten’s Alarming Findings
In a revealing post on X, formerly known as Twitter, Daniel Batten has brought to light a concerning development involving the European Commission. He unveiled a report being prepared by the European Securities and Markets Authority (ESMA) and the European Central Bank (ECB), which portrays Bitcoin in a negative light.
The report, according to Batten, labels Bitcoin as environmentally harmful, a threat to EU’s energy security, and a haven for financial crime. This characterization, he warns, could lead to significant restrictions on Bitcoin and its mining activities in the EU by 2025.
Batten further elaborates that this initiative by the European Commission is not just a regional move but a part of a larger global strategy. He notes that ESMA, in collaboration with the ECB, intends to set a precedent within the EU that could be adopted by other nations worldwide. This approach signals a potential global shift in the regulatory stance towards Bitcoin.
Drawing parallels with the Global Financial Crisis (GFC), Batten points to the apprehension among Central Banks about Bitcoin’s ability to decentralize financial power. He suggests that the Central Banks are aware of the systemic wealth transfer in the traditional banking system and view Bitcoin as a disruptive force that could challenge this dynamic.
The Intensifying Opposition to Bitcoin
Batten has accused the ECB and other significant financial institutions of changing their tactics from initially ridiculing Bitcoin to actively opposing it after 2018. According to Batten’s analysis, the ECB, the Bank of International Settlements (BIS), and the Dutch Central Bank (DNB) are at the forefront of this anti-Bitcoin movement.
Batten’s research indicates that these entities are strategically leveraging environmental concerns as a key method to challenge Bitcoin. He argues that the narrative of Bitcoin being detrimental to the environment is misleading and not supported by those with in-depth knowledge of the subject.
The report also sheds light on certain events that have significantly influenced public opinion and policy regarding Bitcoin. A notable instance in 2021 involved Elon Musk, who, swayed by media narratives, announced that Tesla would stop accepting Bitcoin payments. This decision, as per Batten, was a critical factor that interrupted Bitcoin’s bullish trend in 2021, more so than the cryptocurrency ban in China.
Batten also points out the complex relationship between traditional financial entities and cryptocurrency policies, exemplified by the actions of Ripple Founder Chris Larsen. He highlights Larsen’s substantial donation to Greenpeace USA for an anti-Bitcoin campaign, critiquing it as a conflict of interest that has largely been ignored by mainstream media.
Bitcoin’s Resilience Amidst Central Banks’ Alleged Opposition
Despite the concerted efforts by Central Banks to undermine Bitcoin, the cryptocurrency has demonstrated notable resilience, as highlighted by Daniel Batten. He observes that Bitcoin defied expectations by rallying significantly after the ECB published a pessimistic forecast for the digital currency.
Furthermore, Bitcoin’s increasing acceptance and support from major institutions like KPMG and BlackRock have also challenged the narrative set by central banks.
Batten concludes his analysis by underscoring the pivotal juncture at which the future of digital currencies currently stands. He advocates for the support of organizations that are actively engaging with regulatory bodies and working to dispel misinformation.
By backing groups such as the Open Dialogue Foundation, Bitcoin Policy UK, and the Satoshi Action Fund, Batten believes it is possible to counteract misleading narratives and pave the way for a flourishing future for digital currencies.
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