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Cardano Founder Applauds Elon Musk’s X for Debunking ECB’s Bitcoin Criticism

Cardano Founder Applauds Elon Musk’s X for Debunking ECB’s Bitcoin Criticism

TL;DR

  • Charles Hoskinson, the founder of Cardano, praised Elon Musk’s social media platform, X, for debunking the European Central Bank’s (ECB) recent criticism against Bitcoin.
  • The Community Notes feature on X, which allows users to provide additional context to posts, was used to challenge the ECB’s claims about Bitcoin being prone to fraud and manipulation.
  • This incident highlights the power of social media platforms like X in shaping public opinion, challenging institutional narratives, and fostering a more informed world.

In a recent development, Charles Hoskinson, the founder of Cardanohas lauded Elon Musk’s social media platform, X (formerly known as Twitter), for its role in debunking the European Central Bank’s (ECB) latest criticism against Bitcoin.

Hoskinson responded to the ECB’s tweet, which criticized Bitcoin for failing to become a global decentralized digital currency and instead falling victim to fraud and manipulation. “Community Notes just murdered the ECB,” Hoskinson tweeted.

The ECB had also stated that the recent approval of a Bitcoin ETF doesn’t change the fact that Bitcoin is costly, slow, and inconvenient. However, the community notes accompanying the tweet cited Chainalysis to refute the ECB’s claim that Bitcoin was prone to fraud and manipulation.

In 2023, Chainalysis reported that a mere 0.34% of all cryptocurrency transactions were linked to unlawful activities. Within this small percentage, Bitcoin’s contribution was even less, accounting for only 25% of the illicit transactions. To put this in perspective, illegal transactions conducted in euros represented 1% of the European Union’s GDP in 2010, which equates to a staggering €110 billion.

Cardano Founder Commends X for Enabling Fact-Checking and Collaboration

Cardano Founder Applauds Elon Musk’s X for Debunking ECB’s Bitcoin Criticism

On another note, X has introduced a feature called Community Notes. This tool empowers contributors to provide additional context to posts, images, or videos, such as fact-checking potentially misleading content. The ultimate goal of Community Notes is to foster a more informed world by enabling X users to collaboratively enhance the context of posts.

Cardano’s Hoskinson was thrilled that the Community Notes provided the right context to the ECB Bitcoin tweet, challenging the ECB’s claims and pointing out the flaws in their arguments.

In a throwback to events, the ECB issued a blog post about Bitcoin. According to ECB Director General Ulrich Bindseil and advisor Jürgen Schaaf, Bitcoin, the world’s first and largest cryptocurrency, failed as a currency and investment, giving it a realistic worth of “zero dollars”. The central bank has expressed concerns that the leading cryptocurrency not only poses environmental threats but also facilitates illicit activities.

This incident underscores the power of social media platforms like X in shaping public opinion and challenging institutional narratives. It also highlights the ongoing debate about the role and value of cryptocurrencies in the global financial system.

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