Steve Hanke, an applied economist at Johns Hopkins University, has dismissed Bitcoin as a ‘highly speculative’ asset in his recent tweet.. image by @steve_hanke. For crypto to become a legitimate cryptocurrency, it has to be tied to a basket of commodities, according to the professor. 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. Bitcoin has undergone a strong surge since the March lows, rallying as high as $16,000 from $3,500. Stepping back even further, Bitcoin’s performance is even more impressive. Even still, the cryptocurrency has its critics. Professor Steve Hanke of John Hopkins University, who is also part of the ... According to Professor Steve H. Hanke’s calculations, Zimbabwe’s hyperinflation reached a peak in November 2008, at an annual rate of 89.7 sextillion percent, which is equivalent to 79.6 billion percent per month, or 98% per day. — Prof. Steve Hanke (@steve_hanke) July 4, 2020. Many were quick to rebut Hanke’s sentiment. Phil Geiger, the director of product marketing at Bitcoin financial services firm Unchained Capital, responded with the image seen below. It shows gold’s price versus Bitcoin. Gold vs. Bitcoin chart shared by Phil Geiger. Chart from XE.com The well-known economist Steve Hanke believes that Bitcoin is actually a speculative asset, rather than real currency, so let’s read more on what he thought in the Bitcoin news today.. If you have read Satoshi Nakamoto’s original whitepaper, the takeaway is that BTC is a currency: “We have proposed a system for electronic transactions without relying on trust. Lebanon has entered hyperinflation, the first country in the Middle East and North Africa to do so. With a 462% annual inflation rate and food prices rising by almost 200% this month, Lebanon has ... Goldman Sachs Bitcoin view is correct – Says US Economist Prof Steve Hanke By Qadir AK Follow on Twitter Send an email May 30, 2020 Updated on May 30, 2020 , 7:56 am Recently Goldman Sachs had laid its views on the Bitcoin calling them as non-assets. The Iranian government has adopted bitcoin for international trade as the country's economic crisis deepens, with rising Covid-19 cases, depreciating rial, and intensifying sanctions imposed by ...
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