You Should Avoid Bitcoin (BTC) 'Like the Plague,' Says Economist Steve Hanke
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.
Another week, another #Bitcoin scam.
— Prof. Steve Hanke (@steve_hanke) March 5, 2020
In addition to being extremely volatile and unreliable, this highly speculative "asset" is now helping fund the nuclear initiative in #NorthKorea. Avoid like the plague.https://t.co/UazcZfdeUw
Alex DovbnyaBad 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.
'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.
Meanwhile, the U.S. stock market might give Bitcoin a run for its money with recent volatile price swings.
Arman Shirinyan
Dan Burgin
U.Today Editorial Team
Vladislav Sopov