Two officials from the European Central Bank showed little reaction to the approval of spot Bitcoin ETFs in the United States. The Securities and Exchange Commission gave the green light for 11 spot Bitcoin ETFs to start trading in January. Since that time, the funds have exceeded $3 billion in net inflows, received over $1 billion in deposits in a week, and sparked talk about the possibility of an Ethereum ETF. In a blog post on Thursday, ECB officials Ulrich Bindseil and Jürgen Schaaf stated that the formal approval validates the safety of Bitcoin investments and the recent rally is evidence of an inevitable success for supporters. We do not agree with either argument and maintain that the true value of Bitcoin remains at zero. The ECB’s message linking to the blog post has sparked strong and vivid reactions from Crypto Twitter. This is not a newfound sentiment from Bindseil and Schaaf. In November 2022, they stated that Bitcoin was heading towards obscurity and this was evident even before the collapse of crypto exchange FTX. They criticized BTC for its slow and expensive transactions, unsuitability as an investment, and the environmental impact of mining which they claimed was equivalent to that of whole countries. The authors also state that Bitcoin has consistently been known for instances of price manipulation and fraudulent activities. The authors acknowledge the obvious issue at hand, referred to humorously as the bouncing dead cat. They argue that the increasing price and market value of BTC is simply a reflection of the significant social harm that will result when the bubble bursts. Bitcoin currently has a market value of $1 trillion and is trading at $51,645.91 based on information from CoinGecko.