KevinR on Nostr: "The new Lamborghini, Rolex, villa, and equity portfolios by early Bitcoin investors ...

"The new Lamborghini, Rolex, villa, and equity portfolios by early Bitcoin investors do not stem from an increase in the economy’s production potential; rather, they are financed by diminishing consumption and wealth of those who initially do not hold Bitcoin. It’s like filling one bucket by draining water from another — the latecomers have to give up for the benefit of the early holders." - ECB economists (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4985877)

So the ECB is basically rediscovering Gresham's law and blaming that gold holders are eroding the purchasing power of the people that save in seashells, therefore gold is bad and a risk for democratic society 🤡🌍