The European Central Bank (ECB) economists Ulrich Bindseil and Jürgen Schaaf published a paper last week entitled "The Distributional Consequences of Bitcoin". They argue that Bitcoin's rise is enriching early adopters at the expense of society. Bitcoin's speculative growth, they argue, leads to a redistribution of wealth, with early investors profiting, while non-holders and latecomers become poorer. Economists warn that such dynamics could damage social stability, deepen inequality and threaten democracy itself. Bitcoin's economic impact, they claim, is a zero-sum game.