Home
News
- The famous Economist and currency expert Steve Hanke believes that Bitcoin is not a real currency. He is one of the prominent critics of Bitcoin and cryptocurrency.
- During Hanke’s recent post on Twitter, he stated that Bitcoin is not a currency; it is a speculative asset.
- Responding to his sarcastic tweet, the founder of ShapeShift Erik Voorhees shared that “speculative asset” and “currency” are not mutually high-class category.
The famous Economist and currency expert Steve Hanke believes that Bitcoin is not a real currency. He is one of the prominent critics of Bitcoin (BTC) and cryptocurrency. He usually criticizes the king of crypto coin BTC and did not hesitate to slam it in his recent post once again.
#Bitcoin is not a currency, it is a speculative asset. In order for a #crypto-"currency" to be an actual currency, it must be tied to gold. pic.twitter.com/yMcRjeQt25
— Steve Hanke (@steve_hanke) July 4, 2020
Bitcoin is Not a Currency, and It is a speculative asset
During Hanke’s recent post on Twitter, he stated that Bitcoin is not a currency; it is a speculative asset. Further, he added that to become “crypto,” a currency it must get linked with gold. This made him draw a lot of attention on Twitter.
Responding to his sarcastic tweet, the founder of ShapeShift Erik Voorhees shared that “speculative asset” and “currency” are not mutually high-class category.
“Speculative asset” and “currency” are not mutually exclusive categories. I speculate on Bitcoin, true. I’ve also bought alpaca socks, pizza, domain names, & plane tickets with Bitcoin… though never have I done so with gold 🤔 https://t.co/uknU5o5Lnc
— Erik Voorhees (@ErikVoorhees) July 6, 2020
Furthermore, Erik stated that he is a bitcoin speculator and has bought many kinds of stuff with Bitcoin but has never done such kind of things with gold. Thus, Erik was indirectly pointing out that Bitcoin is a currency that acts the same as physical currencies.
Hanke Still Find Gold a Better Asset than Crypto
However, in current pandemic turmoil, many institutional investors have invested in a significant amount of BTC. Though, critics like Hanke still find gold a better asset than Bitcoin.
On the other side, with the striking reply of Erik, many BTC supports have raised their opinions too. One user bashing on Steve Hanke’s statement notified that these people try to pin bitcoin down to one thing while they don’t realize why BTC has succeeded and will continue to.
