The European Central Bank stated in a recent blog post that Bitcoin’s fair value remains at zero. Additionally, officials from the ECB assert that the digital asset is inappropriate for use as either a form of payment or investment. Later on, the advisors have appeared to strengthen their doubtful view of Bitcoin as a worldwide currency. The blog post talked about the US greenlighting 11 Spot Bitcoin ETFs, labeling it as the “emperor’s new clothes”. According to advisors Ulrich Bindseil and Jürgen Schaaf, Bitcoin has not lived up to its potential as a worldwide decentralized digital currency and is still not widely used for legitimate transactions. Additionally, the trading volume of the VanEck Spot Bitcoin ETF has increased 14 times today. The digital asset industry has seen a lot of optimism in the first two months of 2024. Truly, this has been driven by the success of Bitcoin. Earlier this week, the cryptocurrency exceeded its highest value in two years, reaching $52,000.