Prominent currency expert Professor Steve Hanke recently took to Twitter to criticize Bitcoin, reigniting the debate over the digital asset’s value.
Steve H. Hanke is a renowned professor of applied economics at Johns Hopkins University and holds multiple prominent positions. He serves as a senior fellow and director of the Troubled Currencies Project at the libertarian Cato Institute. He co-directs the university’s Institute for Applied Economics, Global Health, and the Study of Business Enterprise.
Hanke’s reputation as a currency reformer in emerging-market countries precedes him. He has contributed as a senior economist on President Ronald Reagan’s Council of Economic Advisers (1981-1982) and advised various heads of state across Asia, South America, Europe, and the Middle East. Additionally, Hanke’s expertise covers currency boards, dollarization, hyperinflation, water pricing, demand management, benefit-cost analysis, privatization, and other areas in applied economics.
In a controversial tweet, Hanke argued that Bitcoin is not a currency but rather a highly speculative asset with a fundamental value of zero.
This statement from the professor is just the latest in a series of criticisms he has made against the leading cryptocurrency. In the past, Hanke has been quite vocal about his skepticism toward Bitcoin, often citing its volatility, lack of intrinsic value, and susceptibility to fraud as significant concerns.
Interestingly, hours after his tweet about Bitcoin, Hanke commented on the ongoing collapse of the Lebanese pound, highlighting the misplaced priorities of Lebanon’s government. The professor emphasized the incompetence of the Mikati government as it fiddled while Lebanon’s economy collapsed and the national currency tanked to record lows.