Economist taunts Bitcoin replacing fiat is like ‘a sideshow in Las Vegas’

As Bitcoin continues to gain traction and be accepted as legal tender in some countries, there are still prominent economists who remain skeptical about its ability to replace fiat currencies. Professor Steve Hanke of Johns Hopkins University compared the potential of Bitcoin replacing fiat to a sideshow in Las Vegas, stating that the cryptocurrency is a speculative asset with no inherent value. Hanke has been critical of Bitcoin in the past, particularly regarding El Salvador’s adoption of the digital asset as legal tender. Similarly, economist Peter Schiff dismissed Bitcoin as a non-event and expressed doubt about its capability to replace traditional assets like gold or fiat currencies. Schiff has also raised concerns about a potential crash in the Bitcoin market. Despite these criticisms, Bitcoin continues to face resistance and bearish pressure, currently trading at around $61,183.