Bitcoin Fair Value Is Still Zero Despite ETFs, ECB Blogpost Says

Bitcoin is still a pernicious phenomenon with no intrinsic value despite its US approval as an asset for inclusion in Exchange-Traded Funds, two European Central Bank staff members wrote.

The blogpost on Thursday by Ulrich Bindseil, the Frankfurt institution’s market infrastructure and payments director general, and Juergen Schaaf, an adviser, reiterates their long-held view that the digital currency presents risks to both society and the environment.

“For disciples, the formal approval confirms that Bitcoin investments are safe and the preceding rally is proof of an unstoppable triumph,” the officials said. “We disagree with both claims and reiterate that ...