Bitcoin (BTC) will soon embark on “a journey to irrelevance,” and is mostly used for illegal purposes, the European Central Bank (ECB) has claimed. But according to one on-chain expert, the claim does not hold water.

Writing in a blog post published on Wednesday, the ECB said “bitcoin is rarely used for legal transactions,” and called the network “cumbersome, slow and expensive” to make payments on.

“Bitcoin has never been used to any significant extent for legal real-world transactions,” the Eurozone’s central bank wrote.

(By Fredrik Vold)