In an article published on February 22 on the official website of the European Central Bank (ECB), the body once again questions the value of bitcoin (BTC), downplaying the importance of the rebound achieved by the digital currency after the approval of ETFs in the United States.

Instead of sketching the full picture, which would take into account the downturns and upswings in the digital currency's life so far, the ECB's text focuses only on shortcomings.

Under the title "Bitcoin ETF Approval: The Naked Emperor's New Clothes," the brief is signed by Ulrich Bindseil and Jürgen Schaaf, CEO and advisor to the ECB. The two analysts refute the belief that after the approval of ETFs, investments in bitcoin are safe and the rally is proof of an unstoppable triumph.

"We disagree with both statements and reiterate that bitcoin's fair value remains zero," they say, adding that renewed boom and bust cycles of BTC are "a dire prospect for society."

In that sense, they think that the collateral damage will be massive, "including environmental damage and the final redistribution of wealth at the expense of the less sophisticated." They claim that this is because, in their opinion, bitcoin has not fulfilled its promise to become a global decentralized digital currency.

Bindseil and Schaaf continue to associate cryptocurrency with crime, despite recent reports, such as the one from Chainalysis, indicating otherwise.

Nonetheless, ECB analysts insist that bitcoin usage is higher on the darknet today and that transactions remain "inconvenient, slow and expensive." They therefore claim that BTC "is hardly used for payments". And although they acknowledge the rebound experienced in recent months by the digital currency, they consider that it is fueled "by temporary factors" and speculation.