David Hanke contested the utility that bitcoin could have, stating: 'Bitcoin is not a currency. It's just a highly speculative asset with a fundamental value of zero.'
Steve Hanke, professor of applied economics at Johns Hopkins University, has criticized bitcoin, stating it is not a currency. The economist, known for his vocal opinions about crypto and for the promotion of dollarization initiatives in Latam, blasted bitcoin, saying it has a “fundamental value of zero,” and that it is a “highly speculative asset.”Steve Hanke, professor of applied economics at Johns Hopkins, has criticized bitcoin and its value in one of his latest tweets.
a similar cartoon that depicted bitcoin as a better form of money than the fiat currencies that appeared in Robert Rich’s cartoon.Others criticized Hanke’s opinion in writing, like Dr. Julian Hosp, CEO of decentralized finance app Cake Defi, who countered Hanke’s view,Bitcoin has utility. We can argue how much, but it is definitely >0. There are undoubtedly some people who want its utility. Lastly, it is provably rare. Hence, your statement that bitcoin has zero value is 100% incorrect.
In June 2021, Hanke blasted the adoption of bitcoin in El Salvador as legal tender, saying it could cause the of the country’s economy. At the time, he stated that all the dollars in El Salvador could be “vacuumed out” of the country, leaving citizens with only bitcoin.in October 2021, when he stated that Nayib Bukele, the president of El Salvador, was “playing fast and [loose] with El Salvador’s tax dollars again,” when he announced buying the bitcoin dip while purchasing 150 bitcoin.
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