TechFlow news, on October 23, according to Forbes, several experts have raised questions about the European Central Bank's (ECB) recent working paper titled "The Distributional Consequences of Bitcoin." The paper, authored by Ulrich Bindseil and Jürgen Schaaf, claims that Bitcoin exacerbates wealth inequality.
Prominent figures from academia, economics, and policy—Murray A. Rudd, Allen Farrington, Freddie New, and Dennis Porter—jointly issued a rebuttal statement, pointing out biases and flaws in the ECB's analysis and challenging its portrayal of Bitcoin's economic and social impacts.
Dr. Murray Rudd, scientific advisor at Satoshi Action Fund, emphasized the importance of countering the ECB's conclusions to ensure that the flawed assumptions and biases in this working paper are not overlooked, especially as it may soon undergo peer review by academic journals.
Freddie New, Policy Director at Bitcoin Policy UK, noted that the ECB paper's authors failed to engage with recent research and developments in the field, such as Bitcoin's significance for activists under oppressive regimes and its role in enabling low-cost, fast, and secure cross-border remittances.
Allen Farrington of Axiom stated that Bitcoin is clearly superior to fiat currencies in fundamental monetary properties, so it is unsurprising that those who benefit from the fiat system oppose Bitcoin. However, he expressed frustration that they often express their views by spreading misconceptions and contradictions about Bitcoin rather than openly stating their positions.
