European Central Bank Executive: Central Bank Unlikely to Purchase Bitcoin

According to Blockworks, while Bitcoin ETFs may attract more traditional investors, the European Central Bank (ECB) is unlikely to become a buyer. Isabel Schnabel, a member of the ECB Executive Committee, stated in a QA session that the ECB is "unlikely to purchase Bitcoin." The ECB is responsible for controlling the monetary conditions of European Union countries using the euro, and its U.S. counterpart is the Federal Reserve led by Jerome Powell. Schnabel was nominated by the German government to the ECB Executive Committee in 2019. The Executive Committee, consisting of six members, is responsible for implementing monetary policy based on the guidance of the ECB Council. Schnabel had a hawkish stance on interest rate policy in response to inflation issues in Europe but recently changed her position on the matter. Following Elizabeth McCaul and Fabio Panetta, Schnabel is another ECB Council member openly discussing cryptocurrencies. Last year, both McCaul and Panetta called for stricter regulation of cryptocurrencies and exchanges.