BitCoin on its “Last Gasp” — warns The European Central Bank

It's all about the speculative use of cryptocurrency.

The European regulator doubts the capabilities of BitCoin and said that the recent fluctuations are the precursors for the demise of the cryptocurrency. This is stated on the ECB site. They claim that BitCoin is mainly used for speculation and not for legal transactions.

"For BitCoin proponents, the seeming stabilization signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp before the road to irrelevance — and this was already foreseeable before FTX went bust and sent the BitCoin price to well below USD16K"

BitCoin set a record price in November 2021, almost reaching $70,000. A strong blow to the cryptocurrency was caused by global problems in the economy and the collapse of one of the largest cryptocurrency exchanges FTX. Because of this, the price of the cryptocurrency dropped to $15.7K (-73.8%).

In the past few weeks, the value of the token has begun to recover, reaching $17.2K. Despite this, some experts warn potential buyers from buying, arguing that the exchange rate may decline.