Just recently, the European Central Bank (ECB) boosted awareness on Twitter as to why cryptocurrency is better than fiat money, vindicating Bitcoin and crypto enthusiasts everywhere.
Ironically, the ECB did so unwittingly, as recommending Bitcoin (BTC) or any crypto is self-detrimental, and the last thing any central bank wants to do.
What happened is this: the ECB started a Twitter thread under the hashtag #AskECB, and Twitter user Gianluca Nervegna took this chance to ask the European Central Bank, “Where did you get the money for the [quantitative easing]?”
Attributing the answer to Peter Praet, an executive board member and chief economist of the ECB, here is what they responded:
Praet: As a central bank, we can create money to buy assets #AskECB https://t.co/zTQuU4y1ch
— European Central Bank (@ecb) March 12, 2019
Crypto Community Refers ECB to Bitconnect
Following this controversial tweet by the ECB, crypto community members everywhere took the opportunity to criticize the bank and compare them to the infamous Bitconnect Ponzi scheme. The Twitter thread blew up with countless Bitconnect memes and community members in disbelief in response to what the ECB said.
One Twitter user by the name of Zack Voell replied:
“Central banks are marketing bitcoin better than we can”
Another user by the name of wiz added to this, stating:
“The world is now opening their eyes to your scam of robbing people of their purchasing power by endlessly printing bank notes on worthless paper. The global economy will implement a new Bitcoin standard to opt-out of your scam and prevent further theft by central banks.”
Anthony Pompliano, co-founder and partner at Morgan Creek Digital and prominent crypto influencer, then wrote about the misguided tweet in his newsletter.
Pompliano said that when central banks and governments decide to print more money, the majority of the general population become poorer as the elites become richer. He then cited the International Monetary Fund (IMF), stating that inflation is one of the leading causes of income inequality in the world.
Pomp concluded his response:
“Central banks may be able to print more fiat dollars, but eventually the Ponzi scheme will end. When it does, Bitcoin will be there, as scarce as ever, with the inability for anyone to print more.”
When do you think the majority of the population will realize that central banks and our current monetary system is flawed? Let us know what you think in the comment section below.
