Renowned analyst Tuer Demeester has harshly criticized the European Central Bank’s latest research, calling the ECB’s new announcement a “true declaration of war” against Bitcoin. The ECB paper titled “Bitcoin’s Distributive Impact” written by Ulrich Bindtheil and Jürgen Schaaf sparked an enthusiastic response from the BTC community.
The ECB paper questions the basic premise of Bitcoin, arguing that the increase in its value does not contribute to the economy’s productive capacity. Instead, the paper argues that a sustained increase in BTC value could lead to redistributive effects, with consumption and wealth accumulation by early holders impoverishing non-holders and latecomers. .
The authors argue that “if the price of Bitcoin rises forever, Bitcoin’s existence impoverishes both non-holders and latecomers,” even without improper trade timing or holding strategies. also emphasizes that this outcome is inevitable.
Is a war with Bitcoin looming?
Tour Demeester, a longtime BTC analyst and board member of the Texas Bitcoin Foundation, was at the forefront of this backlash, characterizing the ECB’s announcement as a “true declaration of war” against Bitcoin. Through X, he has expressed deep concerns about the ECB’s stance. “This new document is nothing short of a declaration of war. The ECB claims that early adopters of Bitcoin are stealing economic value from latecomers. I strongly believe that they will enact a ban on this,” DeMeester said.
He further elaborated on his concerns and highlighted the possibility of strict regulatory measures aimed at curbing the growth and adoption of BTC. “Rather than praising Bitcoin as a paradigm shift in technology like oil or the internet, the authors argue that “early adopters”… “increase real wealth and consumption”… “at the expense of[latecomers]. ” he added.
Mr. Demeester did not hesitate to criticize the ECB’s motives and the implications of its findings. “Then they brazenly continue to advocate for legislation to ‘stop the price of Bitcoin from rising or watch Bitcoin disappear completely’ in order to prevent ‘social division,’” he said. , criticized the ECB for what it viewed as an aggressive and unfounded approach to BTC regulation, and argued that such measures indicate a broader plan to undermine the decentralized financial system.
“In all the years I have been monitoring the Bitcoin space, this is the most aggressive document ever released by the authorities. The gloves are off. “It’s clear that they see it as an existential threat that should be used and attacked,” Demeester warned.
Demiester expands on his concerns, warning of the potential long-term consequences of the ECB’s stance. “Many of us have been warning that Bitcoin will become a major political fault line in both national and international elections. Now, here’s the thing: We HODLers are worried that governments will hold onto property.” This means we must take action to ensure that our fundamental right to do so is respected.”
He sees the situation not simply as a regulatory challenge, but as a fundamental clash of ideologies. “And, no, this is not a war between the haves and have-nots. Rather, it is a war between those who defend the natural rights of the individual and those who cling to a failed ideology of collectivism and central planning. It will be a historic clash.”
Mark van der Keijs, a global investor from the Netherlands, echoed Demeester’s concerns, highlighting a series of regulatory measures across Europe that are increasingly hostile to investors. “Europe appears to be preparing for war with Bitcoiners. Italy has raised BTC cap gains, the Netherlands has proposed an exit tax, and the UK has reduced mortgages if you financed your property with crypto.” Exempted (personal experience!). Now the ECB is telling non-currency users that Bitcoin users are making them poorer.
He criticized the ECB’s characterization of early adopters, arguing that their success was the result of strategic investment and risk-taking, rather than nefarious intentions to undermine other companies. “That last one is really incredible. Early adopters were simply smarter (or had more time) and were willing to take more risks. Now they’re “This is the ECB’s word, which is very dangerous and sounds to me like a communist central bank,” he added.
Van der Keijs is also concerned about the changing regulatory landscape, noting that punitive measures against investors could increase if BTC prices continue to rise significantly. “The Overton window is changing rapidly for Bitcoin users (and wealthy people in general). We have heard from many people who hold Bitcoin in the Netherlands that they are a little nervous about the regulatory changes. If Bitcoin doubles or triples in 2025, I wouldn’t be surprised if more politicians oppose BTC and try to overtax it. Please! he warns.
In response to the ECB’s controversial publication, Dennis Porter, co-founder and CEO of the Satoshi Act Fund, announced plans to compile a comprehensive rebuttal. Porter initially stated that “the anti-Bitcoin ECB paper will soon be denounced by a complete academic rebuttal.” New newspapers have arrived. If you are interested in contributing, please let us know. Or tag someone you think we should chat with. ”
Mr Porter acted swiftly, later admitting that “my team has begun preparing a formal response to the ECB document”. I plan to complete the draft by today or tomorrow at the latest. If you would like to contribute, please contact us. “We plan to act very quickly,” it added, adding: “ECB’s draft rebuttal is complete – multiple co-authors have started contributing – contributors will be invited 24 hours a day.”
At the time of writing, BTC was trading at $69,005.
Bitcoin price crosses $69,000, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart on TradingView.com
