Daniel Batten, Managing Partner at CH4 Capital and leading climate activist for The bitcoin ESG Forecast, has brought to light new research indicating a concerted effort by central banks, particularly within the European Union, to systematically “weaken” the influence and position of btc.
In a detailed expose shared via X (formerly Twitter), Batten fixed: “While we were sleeping, the European Commission (via ESMA and ECB) has been creating a report in which they plan to label bitcoin – harmful to the environment – a threat to the EU's energy security – a haven for criminals financial. “This paves the way for de facto EU bans on btc and btc mining in 2025.”
According to Batten, this measure by the European Commission is part of a broader strategy that has global implications. He highlighted: “ESMA, in close collaboration with the ECB, has indicated that once the report is accepted in the EU, they will push for it to become the standard in other nations.”
Coordinated attack against bitcoin
By linking the current scenario to the aftermath of the global financial crisis (GFC), Batten suggests a deep-seated fear among central banks regarding bitcoin's decentralizing potential. He quotes: “During the GFC, central bankers realized the risk that people could discover that our Central Bank-based financial system had been being transferred from the poor to the rich for generations.”
How the three EU central banks are working together to try to weaken bitcoin
What measures has each of them taken?
What are your next moves?
what should we do
—Daniel Batten (@DSBatten) January 31, 2024
Batten further accuses the ECB of changing its stance from ridicule to active opposition after 2018. “After this 2018 survey, they went into fight mode,” he says. He identifies the ECB, the Bank for International Settlements (BIS) and the DNB (Dutch Central Bank) as the leading entities in this alleged campaign against bitcoin.
The research points to the strategic use of environmental concerns as the main attack vector. Batten says: “The main attack vector has been 'bitcoin is bad for the environment.' It is a lie, of course, which anyone who has investigated it in depth will know.”
The report also draws attention to specific incidents that have shaped public perception and policies towards btc. Batten recalls the 2021 episode in which Elon Musk, influenced by media reports, declared that Tesla would no longer accept payments in btc. He quotes analyst Willy Woo, saying: “This, more than the China ban, was the event that stopped bitcoin's bull run in 2021.”
Ripple founder Chris Larsen's involvement in anti-bitcoin campaigns stands out as a notable example of the intertwined interests between traditional financial actors and digital currency policies. Batten notes: “Larsen's $5 million donation to GreenpeaceUSA for an anti-bitcoin campaign is a clear conflict of interest, ignored by the mainstream media.”
The battle is far from over
Despite the supposed efforts of central banks, btc has demonstrated resilience. Batten comments: “Of course, not everything went well. bitcoin wasn't supposed to rise 150% after the ECB's 'bitcoin's Last Stand' obituary late last year.” Furthermore, btc wasn't supposed to get support from institutions like KPMG and BlackRock, which contradicts the narrative. of the central banks.
In conclusion, Batten emphasizes the critical crossroads at which the future of digital currencies finds itself. He urges support for organizations that actively collaborate with regulatory bodies and fight misinformation. “Supporting groups like the Open Dialogue Foundation, bitcoin Policy UK and the Satoshi Action Fund is crucial to countering misinformation and shaping a future where digital currencies can thrive,” she defends.
At press time, btc was trading at $42,684 after being rejected at the key resistance at $43,580.
Featured image created with DALL·E, chart from TradingView.com
