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Economics Professor Criticizes Bitcoin’s Value, but Enthusiasts Disagree

Johns Hopkins University’s applied economics professor, Steve Hanke, has recently reiterated his criticism of Bitcoin, asserting that the digital currency has no inherent value.

Hanke, who advocates for dollarization initiatives in Latin America, stated that Bitcoin is an exceedingly speculative asset that provides no economic benefit.

He compared Bitcoin unfavorably to three fiat currencies, namely the Japanese yen, the US dollar, and the euro.

Bitcoin proponents were quick to respond to Hanke’s comments, with some arguing that the cryptocurrency undoubtedly holds value due to the fact that there are people who need it.

Lucho Poletti, a digital artist renowned for his Bitcoin-related works, drew a cartoon that depicted Bitcoin as the best form of money.

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Julian Hosp, CEO of Cake Defi, a decentralized finance app, also pushed back against Hanke’s statements, arguing that Bitcoin unquestionably has value.

Hanke has previously criticized Bitcoin for its adoption as legal tender in El Salvador, warning that it could devastate the country’s economy.

Later that year, he continued to chastise Bitcoin for its excessive volatility, asserting that any rapid price surges would inevitably lead to a downturn.