Tuur Demeester, a prominent Bitcoin analyst, recently expressed his concerns on X (Twitter) regarding a new paper from the European Central Bank (ECB) that he describes as a “declaration of war” against early Bitcoin adopters.
Demeester argues that the ECB’s assertion—that these early adopters are stealing economic value from latecomers—could pave the way for harsh regulations, including taxes or outright bans on Bitcoin.
Caution Over ECB’s Stance On Cryptocurrency
Demeester compares Bitcoin to important technological advancements like the internet and petroleum in his criticism, pointing out the writers’ inability to see Bitcoin’s potential as a revolutionary tool. Rather, he asserts, they use a “blatantly luddite argument” which implies that early adopters increase their income “at the expense of [latecomers].”
Demeester claims that to prevent societal conflict, this framing is intended to support legislative actions that might either depress the price of Bitcoin or completely eradicate it.
Demeester disputes the claim that the ECB’s document contains forecasts indicating a finite amount of Bitcoin accessible for new users. He makes the point that the report ignores the primary factor that has fuelled Bitcoin’s growth and acceptance over the previous 15 years: its superior technology.
“This is by far the most aggressive paper to come from authorities in my years of monitoring the bitcoin space,” Demeester states, emphasizing that central bank economists now view bitcoin as an existential threat.
He believes that this confrontation could soon become a significant political issue in both national and international elections, signalling a broader conflict over the rights of individuals to hold property.
Warning for the Bitcoin Community?
Demeester goes on to say that this conflict is not just about the rich against the poor. It’s also about a long-standing struggle between advocates of individual rights and supporters of collectivism and central planning.
He emphasises the significance of protecting the right to own and hold Bitcoin against potential government overreach while pleading with the Bitcoin community to take action.
The ongoing discussion highlights the potential for Bitcoin to act as a catalyst for more significant social change by reflecting the growing conflict between established financial institutions and the developing cryptocurrency ecosystem.