European Central Bank advisor Jürgen Schaaf has expressed the need to restrict or even eliminate Bitcoin. According to him, this is due to the threat to social stability and the worsening wealth of late investors.

Arguments for Limiting Bitcoin

Jürgen Schaaf emphasized that there are compelling reasons to advocate for policies that limit Bitcoin's growth or even eliminate it. Bitcoin's main gains come at the expense of late investors, who have to sacrifice their resources for the benefit of early holders.

Wealth Distribution and Social Stability

According to Schaaf, supporting Bitcoin could further skew wealth distribution. This could end up threatening societal stability, as latecomers would feel increasingly frustrated by the erosion of their purchasing power.

Potential Impact on Late Investors

Schaaf claims that the wealth and consumption of the cryptocurrency's early adopters will continue to rise, while others will become poorer regardless of whether or not they own Bitcoin. The increase in consumption among early investors will lead to actual impoverishment among those who missed the opportunity.

Jürgen Schaaf warned of potential risks to social stability resulting from increased inequality driven by Bitcoin's rise. The approach to cryptocurrency regulation could significantly impact the maintenance of social balance.