Steve Hanke shares his negative view on Bitcoin, detailing why he doesn’t think of BTC as a reliable asset
Leading Johns Hopkins University economist and crypto skeptic Steve Hanke once again criticized Bitcoin on his Twitter page, where they shared specific reasons why it is anti-BTC.
“Bitcoin’s base value is zero”
Prominent Bitcoin critic Steve Hanke took to Twitter to name the reasons why he doesn’t believe Bitcoin is a worthy asset. It once again emphasizes the high volatility of cryptocurrencies, and their vulnerability to fraud. His conclusion is that Bitcoin is nothing but a highly speculative asset and its base value is as low as zero.
The economist published a note that puts bitcoin on the same level as famous disasters, such as the Titanic and the Hindenburg.
# bitcoin It is a highly volatile, fraud-prone and highly uncertain asset. What can go wrong? Bitcoin is nothing more than a highly speculative asset with a base value of zero. pic.twitter.com/RxwU3MbW1l
– Steve Hanke (@steve_hanke) September 27, 2021
About 10 days ago, Hanke commented on El Salvador’s adoption of Bitcoin as legal tender. He tweeted that the majority of Salvadorans do not understand Bitcoin, so they are allegedly being fed with lies about BTC being a cheaper method of transfer than traditional financial platforms.
Michael Saylor replies
The CEO of business intelligence software company MicroStrategy, Michael Saylor, who recently became a Bitcoin evangelist, has responded with his usual metaphors about Bitcoin, comparing it to digital energy, and trying to convince Hanke that Bitcoin was made to give “property rights & economic empowerment to anyone,” and thus brings hope – As long as they have a smartphone.
# bitcoin It is digital energy. It’s also digital property. It will last forever. It is programmable and moves at the speed of light. It is a technology to provide property rights and economic empowerment to anyone with a mobile device. It’s https://t.co/kZl3k7Tm4h for a better future.
– Michael Saylor (@michael_saylor) September 27, 2021
MicroStrategy owns $5.1 billion in Bitcoin
MicroStrategy is the first public company that started buying Bitcoin with its cash reserves in August 2020 and has been adding more and more BTC since then. Several times it has raised money from its shareholders to do this: $400 million and $600 million.
On September 13, the company purchased an additional $243 million in bitcoin. At the moment, the giant business intelligence software company owns a total of $5.1 billion worth of Bitcoin. During the third quarter of this year, the company purchased a total of $419 million in bitcoin.
