Professor of Applied Economics from Johns Hopkins University and a major Bitcoin opponent, Steve Hanke, has taken to Twitter to again share his take on the flagship digital currency.
He has been a long-standing critic of Bitcoin, and his arguments about BTC do not seem to be any different from those he used before.
Hanke slams Bitcoin and Justin Sun
In his recent tweet, Hanke stated that Bitcoin is not a currency but merely a highly speculative asset because BTC has a "fundamental value of zero."
He posted a picture with the symbols of major global fiat currencies — Euro, U.S. Dollar, and Japanese Yen — with a poo emoji next to them symbolizing Bitcoin.
The Bitcoin community responded to Hanke's tweet, and some even offered to send Hanke some BTC.
Bitcoin is not a currency. It's just a highly speculative asset with a fundamental value of zero. pic.twitter.com/leA4Fe9Ixz— Steve Hanke (@steve_hanke) March 26, 2023
In an earlier tweet, the prominent economist also commented on the recent SEC move against creator of the Tron Foundation Justin Sun and its native coin, TRX. Hanke wrote that Sun paid several major celebrities to promote Tronix (TRX), concluding that he is "another crypto fraudster tied up with celebrity know-nothings." He spread this all over the crypto space, stating that crypto is equal to "conmen and criminals."
After paying Lindsay Lohan, Austin Mahone, Jake Paul, and Lil Yachty to promote his cryptocurrency Tronix, Justin Sun now faces charges from the SEC. Just another crypto fraudster tied up with celebrity know-nothings. CRYPTO=CONMEN & CRIMINALS.https://t.co/oZWC6UuhCq— Steve Hanke (@steve_hanke) March 26, 2023
Bitcoin keeps holding next to $28,000
Over the period of the last two weeks, the leading digital currency has managed to rally and almost reached the $29,000 level; that peak was reached on March 22 in the wake of the news that several major U.S. banks crashed and the shares of others began tumbling.
The latter even included Deutsche Bank. This banking crisis gave Bitcoin a solid push to the north, proving again that BTC can be a hedge against financial risk during uneasy times.
This may have prompted Hanke to issue his tweet about Bitcoin being a noncurrency. Other Bitcoin haters among old-school economists and financial experts are Nouriel Roubini, called Dr. Doom for his accurate prediction of the 2008 mortgage crisis, and Nassim Taleb, a scholar, philosopher and former risk manager. They all keep criticizing Bitcoin in their tweets, remaining in opposition to it, while two years ago Taleb supported BTC.