9 months ago
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Daniel Batten, managing partner at CH4 Capital and a noted 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” BTC’s influence and standing.
In a detailed exposition shared via X (formerly Twitter), Batten stated: “While we were sleeping, the European Commission (via ESMA & ECB) has been creating a report which they plan to label Bitcoin – environmentally harmful – a threat to EU energy security – a haven for financial criminals. This paves the way for 2025 de facto EU bans on BTC & BTC mining.”
According to Batten, this move by the European Commission is part of a broader strategy that has global implications. He highlighted, “ESMA, working closely with the ECB, has signaled 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
Linking the current scenario to the aftermath of the Global Financial Crisis (GFC), Batten suggests a deep-seated fear among Central Banks regarding the decentralizing potential of Bitcoin. He quotes, “During The GFC, Central Bankers realized the risk people could discover our Central Bank-based financial system had been transferring from the poor to the rich for generations.”
🧵
How 3 EU Central Banks are working together to try to weaken Bitcoin
What action each of them has taken
What are their next moves
What we must do
— Daniel Batten (@DSBatten) January 31, 2024
Batten further accuses the ECB of shifting their stance from ridicule to active opposition post-2018. “After this 2018 survey, they moved into fight mode,” he claims. He identifies the ECB, the Bank of International Settlements (BIS), and the DNB (Dutch Central Bank) as the leading entities in this alleged campaign against Bitcoin.
The research points out the strategic use of environmental concerns as a primary attack vector. Batten asserts, “The prime attack vector has been ‘Bitcoin is bad for the environment.’ It’s a lie, of course, which anyone who has looked into it deeply will know.”
The report also brings attention to specific incidents that have shaped public perception and policy towards BTC. Batten recalls the 2021 episode where Elon Musk, influenced by media reports, declared Tesla would no longer accept BTC payments. He quotes analyst Willy Woo, saying, “This, more than the China ban, was the event that halted Bitcoin’s 2021 bull run.”
The involvement of Ripple Founder Chris Larsen in anti-Bitcoin campaigns is highlighted as a notable example of the intertwined interests between traditional financial players and digital currency policies. Batten points out, “Larsen’s $5M donation to GreenpeaceUSA for an anti-Bitcoin campaign is a clear conflict of interest, overlooked by mainstream media.”
The Battle Is Far From Over
Despite the alleged efforts by Central Banks, BTC has shown resilience. Batten remarks, “Not everything of course went to play. Bitcoin was not supposed to rally 150% after ECB’s ‘Bitcoin’s Last Stand’ obituary late last year.” Moreover, BTC was not supposed to gain support from institutions like KPMG and BlackRock, contradicting the central banks’ narrative.
In conclusion, Batten emphasizes the critical crossroads at which the future of digital currencies stands. He urges support for organizations actively engaging with regulatory bodies and combating misinformation. “Supporting groups like the Open Dialogue Foundation, Bitcoin Policy UK, and the Satoshi Action Fund is crucial in countering the misinformation and shaping a future where digital currencies can thrive,” he advocates.
At press time, BTC traded at $42,684 after being rejected at the key resistance at $43,580.
BTC price got rejected at key resistance (blue line), 4-hour chart | Source: BTCUSD on TradingView.com
Featured image created with DALL·E, chart from TradingView.com
