{"id":524564,"date":"2023-03-27T10:02:16","date_gmt":"2023-03-27T10:02:16","guid":{"rendered":"https:\/\/wncen.com\/?p=524564"},"modified":"2024-06-11T09:12:57","modified_gmt":"2024-06-11T09:12:57","slug":"why-this-economics-professor-thinks-bitcoin-is-worthless","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-this-economics-professor-thinks-bitcoin-is-worthless\/","title":{"rendered":"Why This Economics Professor Thinks Bitcoin Is Worthless"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Steve Hanke, a professor of Applied Economics at Johns Hopkins University, is the latest scholar to trash Bitcoin.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Has No Fundamental Value, Says Professor<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a tweet on March 26, Hanke said Bitcoin is not a currency but a speculative asset whose fundamental value is zero. He appeared to back fiat, including the Japanese Yen and the USD, two of the world\u2019s reserve currencies, as appropriate hedges in economic turmoil.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is not a currency. It&#39;s just a highly speculative asset with a fundamental value of zero. <a href=\"https:\/\/t.co\/leA4Fe9Ixz\" rel=\"nofollow\">pic.twitter.com\/leA4Fe9Ixz<\/a><\/p>\n<p>&mdash; Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/87026178?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Considering the role of the USD in the world\u2019s market, the currency minted by the Federal Reserve has been historically used to hedge against economic crises. The USD remains as a store value, explaining the currency\u2019s spike in valuation whenever the equities market tank.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/elon-musk-most-serious-issue-banking-bitcoin-moon\/\" target=\"_blank\" rel=\"noopener \">Elon Musk Points Out \u2018Most Serious Looming Issue\u2019 In Banking, Bitcoin To Moon?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Hanke\u2019s comments come when Bitcoin and cryptocurrencies have been outperforming traditional assets, expanding amid the banking crisis in the United States. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Following the bank run on Silicon Valley Bank (SVB) and the subsequent intervention by the United States government, where the Federal Reserve had to inject liquidity, averting a crisis, Bitcoin prices have been rallying. Last week, BTC peaked at around $28,800, the highest in over nine months.<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/pNvOzdpe\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/pNvOzdpe\/\" alt=\"Bitcoin Price On March 27| Source: BTCUSDT On Binance, TradingView\" width=\"1280\" height=\"595\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin Price On March 27| Source: <a href=\"https:\/\/www.tradingview.com\/x\/pNvOzdpe\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">The expansion of Bitcoin prices while banking stocks were under pressure, observers note, was enough to justify the digital gold\u2019s role as a store of value. Hanke is pessimistic about Bitcoin, dismissing its use as a hedge. Specifically, he mentions the coin\u2019s speculative nature, a trait also linked to the asset\u2019s volatility.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In another tweet, the economist lauded the United States Securities and Exchange Commission (SEC) for getting serious about going after Coinbase, a cryptocurrency exchange. The regulator says Coinbase has violated a range of investor protection rules.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">1\/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action.<\/p>\n<p>&mdash; Brian Armstrong (@brian_armstrong) <a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/38199041?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">The Wells Notice would possibly be the beginning of a legal showdown between the SEC, that\u2019s been, in recent months, clamping down hard on crypto businesses, and Coinbase, the largest crypto exchange in the country.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Dr. Doom Celebrated The Failure Of Crypto-Friendly Banks<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Hanke joins the likes of Nouriel Roubini, often known as \u201cDr. Doom&#8221;, who has been very vocal about his disdain for crypto. Roubini is a New York University professor emeritus and a Bitcoin critic. The professor celebrated the collapse of Silicon Valley Bank (SVB) and Signature Bank of New York in mid-March, slamming them for getting involved in cryptocurrencies.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-extends-consolidation-27k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Extends Consolidation and Might Soon Gear For Fresh Lift-off<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/Nouriel\/status\/36288257\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">tweet<\/span><\/a><span data-preserver-spaces=\"true\">, Roubini said all banks supporting cryptocurrencies would collapse and that it was good riddance. He\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nypost.com\/2023\/03\/14\/nouriel-roubini-celebrates-collapse-of-crypto-linked-banks\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">added<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that there was no logic in protecting depositors of Signature Bank, an institution that \u201crecklessly decided to jump into the crappy crypto cesspool and bet the house on shitcoins biz.\u201d<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Earlier, Roubini\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/Nouriel\/status\/57983232\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">said<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0crypto is risky, and the entire industry will go extinct.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Steve Hanke, a professor of Applied Economics at Johns Hopkins University, is the latest scholar to trash Bitcoin. Bitcoin Has No Fundamental Value, Says Professor In a tweet on March 26, Hanke said Bitcoin is not a currency but a speculative asset whose fundamental value is zero. He appeared to back fiat, including the Japanese Yen and the USD, two of the world\u2019s reserve currencies, as appropriate hedges in economic turmoil. Bitcoin is not a currency. It&#39;s just a highly speculative asset with a fundamental value of zero. pic.twitter.com\/leA4Fe9Ixz &mdash; Steve Hanke (@steve_hanke) March 26, 2023 Considering the role of the USD in the world\u2019s market, the currency minted by the Federal Reserve has been historically used to hedge against economic crises. The USD remains as a store value, explaining the currency\u2019s spike in valuation whenever the equities market tank. Related Reading: Elon Musk Points Out \u2018Most Serious Looming Issue\u2019 In Banking, Bitcoin To Moon? Hanke\u2019s comments come when Bitcoin and cryptocurrencies have been outperforming traditional assets, expanding amid the banking crisis in the United States. Following the bank run on Silicon Valley Bank (SVB) and the subsequent intervention by the United States government, where the Federal Reserve had to inject liquidity, averting a crisis, Bitcoin prices have been rallying. Last week, BTC peaked at around $28,800, the highest in over nine months. The expansion of Bitcoin prices while banking stocks were under pressure, observers note, was enough to justify the digital gold\u2019s role as a store of value. Hanke is pessimistic about Bitcoin, dismissing its use as a hedge. Specifically, he mentions the coin\u2019s speculative nature, a trait also linked to the asset\u2019s volatility. In another tweet, the economist lauded the United States Securities and Exchange Commission (SEC) for getting serious about going after Coinbase, a cryptocurrency exchange. The regulator says Coinbase has violated a range of investor protection rules.\u00a0 1\/ Today Coinbase received a Wells notice from the SEC focused on staking and asset listings. A Wells notice typically precedes an enforcement action. &mdash; Brian Armstrong (@brian_armstrong) March 22, 2023 The Wells Notice would possibly be the beginning of a legal showdown between the SEC, that\u2019s been, in recent months, clamping down hard on crypto businesses, and Coinbase, the largest crypto exchange in the country. Dr. Doom Celebrated The Failure Of Crypto-Friendly Banks Hanke joins the likes of Nouriel Roubini, often known as \u201cDr. Doom&#8221;, who has been very vocal about his disdain for crypto. Roubini is a New York University professor emeritus and a Bitcoin critic. The professor celebrated the collapse of Silicon Valley Bank (SVB) and Signature Bank of New York in mid-March, slamming them for getting involved in cryptocurrencies.\u00a0 Related Reading: Bitcoin Price Extends Consolidation and Might Soon Gear For Fresh Lift-off In a\u00a0tweet, Roubini said all banks supporting cryptocurrencies would collapse and that it was good riddance. He\u00a0added\u00a0that there was no logic in protecting depositors of Signature Bank, an institution that \u201crecklessly decided to jump into the crappy crypto cesspool and bet the house on shitcoins biz.\u201d Earlier, Roubini\u00a0said\u00a0crypto is risky, and the entire industry will go extinct.\u00a0 Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":524565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1393,28659,7918,87681,87970,4324],"class_list":["post-524564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-coinbase","tag-dr-doom","tag-federal-reserve","tag-signature-bank","tag-silicon-valley-bank","tag-usd"],"acf":[],"yoast_head":"\n<title>Why This Economics Professor Thinks 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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