The European Central Bank (ECB) thinks bitcoin could be worth $10 million. In a recent report, the ECB announced that Bitcoin is increasingly being used as a reserve value rather than as a currency.

In their report, they praise Bitcoin for its ability to attract capital. Paradoxically, they also criticize the behaviour of some early adopters who dominate the market. An unclear position on the part of the European institutions that could put behind the local crypto industry. Europe still seems to have a hard time defining, classifying and categorizing cryptocurrencies. The crypto industry is lagging behind and European tech companies as a whole continue to block the market due to vague legislation and difficulty accessing capital to finance themselves.

Europe has long been a pioneer in the development of the modern world, but now it seems to be struggling to set its own targets. Meanwhile, international actors are becoming more responsive, creative and powerful. This is also true for the crypto industry. Obviously it is difficult to draw a uniform conclusion for the old continent because the countries that make up the European Union have not positioned themselves in the same way. This uncertainty remains a brake on the development of this business while at the same time ECB analysts highlight the potential for volume and price growth in this ecosystem. 

At the same time, analysts are critical of first-time entrants who dominate price action and development of eco-systems. In other words, they consider the first users of Bitcoin to be like oligarchs.