A recent European Central Bank paper published on October 12, 2024, contends that older Bitcoin holders are profiting at the expense of newer investors, suggesting that regulation or an outright ban on Bitcoin may be necessary to prevent exploitation and civil strife caused by its price distribution. The authors noted that those who bought Bitcoin at lower prices and then sold to new investors are engaged in a typical market practice of buying low and selling high. They claimed that new investors should oppose Bitcoin's growth, citing its limited use as a payment method. The paper has been criticized for overlooking the reasons behind Bitcoin's price rise since 2009, as well as its intended purpose as both a decentralized payment method and a store of value against inflation. Contradictory assertions in the paper, including claims about Bitcoin's real-world value and its potential to destabilize society, also fail to acknowledge the significant monetary inflation caused by governmental policies. This follows a historical trend, with reference to the public sector debt in the UK reaching unprecedented levels, and substantial money printing in the U.S. since 2020, resulting in reduced purchasing power.

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