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You Should Avoid Bitcoin (BTC) 'Like the Plague,' Says Economist Steve Hanke

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Thu, 03/05/2020 - 15:45
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Alex Dovbnya
American professor Steve Hanke advises you to avoid Bitcoin (BTC) like the plague because it helps to finance North Korea's nuclear program
You Should Avoid Bitcoin (BTC) 'Like the Plague,' Says Economist Steve Hanke
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Johns Hopkins University professor Steve Hanke has once again taken a shot at Bitcoin. In his new tweet, he says that the cryptocurrency that started it all should be avoided like 'the plague' because it is used to fund Kim Jong Un's nuclear game plan.   

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Bad guys love Bitcoin 

As reported by U.Today, two Chinese nationals who worked for North Korea's Lazarus Group hackers. They managed to pillage two cryptocurrency exchanges, stealing around $250 mln.  

Cryptocurrency thefts represent a major revenue stream for the hermit kingdom whose economy has been a disaster due to crippling Western sanctions.      

Last month, Hanke also tweeted that cryptocurrencies were only good at enabling scams after finding out about PlusToken

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'Extremely volatile' 

Hanke also slammed Bitcoin for being 'extremely volatile' and 'unreliable.' When the top cryptocurrency was being devoured by the bears in late 2018, he compared BTC to the infamous Tulip mania and called it 'a fool's game.'

However, Bitcoin's price moves have been relatively tame in 2020, which might mean that the coin is finally maturing. 

Bitcoin Price Moves
image by @ceterispar1bus

Meanwhile, the U.S. stock market might give Bitcoin a run for its money with recent volatile price swings.  

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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.