Crypto Is Only Good at Enabling Scams: Economist Steve Hanke

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Thu, 02/13/2020 - 07:13
Alex Dovbnya
Prof. Steve Hanke pours cold water on cryptocurrencies, calling them "unsafe" and "unstable"
Crypto Is Only Good at Enabling Scams: Economist Steve Hanke
Cover image via www.forbes.com
Contents

Steve Hanke, an economist at Johns Hopkins University, has once again lambasted cryptocurrencies, claiming that they are not "real currencies."

While commenting on the PlusToken scam, Hopkins said that crypto is "unsafe" and "unstable."

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Bitcoin and tulips 

Hanke is known as one of the biggest Bitcoin skeptics out there. Back in 2018, when BTC was in the middle of its second bear market, he rubbed salt into the wounds of the bulls by comparing crypto to the Dutch tulip mania

When Bitcoin dropped below $4,000 later that year, he tweeted that buying it was "a fool's game" and urged investors not to get tricked.    

He reiterated these words when Bitwise found out that 95 percent of all Bitcoin trading volume was faked.     

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Stubborn skeptics 

No matter how many times BTC rises from the ashes, it will hardly manage to win over its prominent naysayers. Case in point: Peter Schiff. The gold bug has been a Bitcoin bear since 2011. Despite the coin's monstrous gains in the 2010s, he still insists that it's a fraud that will eventually collapse. 

The same pertains to Nobel-winning economists Paul Krugman and Nouriel Roubini. The latter straightforwardly called crypto "a scam" while sharing his take on the same PlusToken article that caught Hanke's attention.     

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.