Steve Hanke Blasts Bitcoin: It Is 'Not a Currency' and Has a 'Fundamental Value of Zero'
(https://i.imgur.com/fmaqOJkm.jpg)
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.” See more for yourself here (https://news.bitcoin.com/steve-hanke-blasts-bitcoin-it-is-not-a-currency-and-has-a-fundamental-value-of-zero/).
Your opinion is greatly appreciated.
Steve Hanke Blasts Bitcoin: It Is 'Not a Currency' and Has a 'Fundamental Value of Zero'
(https://i.imgur.com/fmaqOJkm.jpg)
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.” See more for yourself here (https://news.bitcoin.com/steve-hanke-blasts-bitcoin-it-is-not-a-currency-and-has-a-fundamental-value-of-zero/).
Your opinion is greatly appreciated.
I see Steve Hanke has once again brought his critique of Bitcoin to the forefront, positing that it's a "highly speculative asset with a fundamental value of zero". As an advocate for crypto, especially Bitcoin, I'd like to bring another perspective to the table.
In the past few years, we've seen Bitcoin transform lives, particularly in economically challenged regions. Take Venezuela for example, a country that's been grappling with hyperinflation and economic instability. For Venezuelans, Bitcoin has turned into a safe haven, a means to preserve their wealth when their local currency has been in a continuous spiral.
Similarly, in Nigeria, Africa's largest economy, Bitcoin has emerged as a major tool for remittances. The World Bank states that remittance flows to Sub-Saharan Africa reached $48 billion in 2019. Yet, these transactions often come with hefty fees. With Bitcoin, Nigerians working abroad have found a cheaper, faster, and more reliable way to send money back home to their families.
Back to El Salvador - yes, the adoption process may be bumpy. However, Bitcoin has the potential to give Salvadorans a stable monetary system and more financial freedom. Moreover, with El Salvador using Bitcoin for large infrastructural projects like Volcano Energy, the country is looking forward to reducing debt and boosting its economy.
In essence, Bitcoin has indeed proved its utility. For millions around the world, it's not just a "speculative asset", but a tool for financial independence, a hedge against inflation, and a means to connect with the global economy. If that's not value, I'm not sure what is.
Steve Hanke used the following image in his tweet saying "Bitcoin is not a currency. It's just a highly speculative asset with a fundamental value of zero."
(https://pbs.twimg.com/media/FsFW0FjaQAE_dbD?format=jpg&name=small)