- When it comes to critics of the leading cryptocurrency, there is surely no shortage.
- Many people over the years have been quick to judge and criticise the leading asset but there seems to be a theme amongst these naysayers.
When it comes to critics of the leading cryptocurrency, there is surely no shortage. Many people over the years have been quick to judge and criticise the leading asset but there seems to be a theme amongst these naysayers. Many of them are highly respected economists and other financial professionals in the traditional finance space and to that end, Steve Hanke has said that bitcoin is a crazy investment but is a believer that blockchain could be integrated to create real viable and efficient assets.
Over the past few days, he’s been discussing the flagship asset but has been encouraging the adoption of blockchain technology.
“Bitcoin is a highly speculative asset, not a currency. Unreliability, lack of stability, and susceptibility to fraud will continue to plague this cryptocurrency. Don’t be tricked, buying bitcoin is a fool’s game.”
For those that don’t know, Hanke is an economist and professor at John Hopkins University and is well known for his work in the reform of currency. Two years ago in 2018, Hanke suggested that Venezuela should build blockchain stablecoins in order to create a more legitimate government and help boost its economy given its dire state.
Before his previous statement, the Economist used the basket of commodities description that Facebook planned to play with its own currency stablecoin, Libra. The overall idea was that its value would be backed up by a handful of reliable assets in the Fiat world.
“Bitcoin is a highly speculative asset, not a currency. #Cryptocurrencies must be tied to a basket of commodities in order to be considered a legitimate currency.”