After making statements about the unregulated nature of Bitcoin and cryptocurrencies and the very high risks they represent, ECB President Mario Draghi has publicly stated this week that the ECB could take positions in Bitcoin. According to him, contrary to what is happening on the other side of the Atlantic, European financial institutions have not yet shown a great interest in cryptocurrency like Bitcoin despite a growing interest among the public. He admitted, however, that the trend could quickly change with the entry of cryptocurrencies into mainstream finance:
"Recent developments, such as the listing of Bitcoin future contracts by US exchanges, could lead to European banks too to hold positions in Bitcoin, and therefore we will certainly look at that."
"Recent developments, such as the listing of Bitcoin futures by US stock exchanges, could also lead European banks to hold positions in Bitcoin, so we will certainly be interested in them. "
The ECB has implied the coming establishment of a "Single Supervisory Mechanism" for digital assets. These measures contravene previous statements from the ECB. Draghi has stated in the past that the ECB does not have the authority to regulate Bitcoin.
The list of countries mentioned today is not complete. Other countries such as Singapore and Lichtenstein have also recently announced cryptocurrency-friendly measures. The first thing to remember is to take the ads in the media with tweezers: the role of journalists today is no longer to report the facts and make an intelligent analysis. Today's news has become a form of entertainment and these journalists (often very close to traditional power) are seeking sensationalism, hence the dubious interpretation they make of various government releases. After the industrial revolution, then the internet revolution, we are lucky to be able to attend the blockchain revolution. This revolution upsets the order in place, a huge transfer of wealth and power takes place. Those in power today resist as they can.
We can note a change in the approach of governments. After ignoring, then seeking to discredit, today the trend is to regulate technology. This is very good news for the long term: blockchain and cryptocurrency are here to stay, and governments have started to take them seriously. Our leaders have realized that they want it or not, the movement is already running and it is better to go in the direction of the wind than to try to fight against it. The implementation of legislative frameworks is a hindrance in the short term: we see it with the big market movements with each announcement. In the long run, it seems that this is a mandatory condition to allow the blockchain to develop on a larger scale. The fact that all of China's neighbors as well as the United States have positioned themselves in favor of cryptocurrencies will push the Chinese government to change its position. Change that will surely happen in the coming months, and at that time to quote Alain Peyreffite: "When China wakes up, the world will quake".
