Economist Steve Hanke Believes Bitcoin is Not a Currency, but an Speculative Asset

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • 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, 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.

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.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners