The world’s largest cryptocurrency Bitcoin is stuck in a negative trend, showing yet another reason for economics and analysts to throw curve-balls at bitcoin as a digital currency/virtual currency.
With bitcoin trending negatively, one of such prominent name that has recently criticized Bitcoin is ‘Johns Hopkins University Professor, Prof. Steve Hanke’. Tweeting recently, Prof Steve Hanke slams Bitcoin and said, it’s not ready to be a legit currency.
In his opinion, Bitcoin is a highly speculative asset, not a currency. His opinion brought a factor that cryptocurrencies, to be considered a legitimate currency ‘must be tied to a basket of commodities’
As always, Bitcoin proponents didn’t leave a second to respond. In fact, Pierre Rochard who is famously known as the ‘Bitcoin maximalist’ commented on his post, stating that the ‘Bitcoin is a legitimate currency without being tied to a basket of commodities’.
On the other hand, Ari Paul, Co-founder, and CIO of BlockTower Capital reminded Professor of the era of 1971. He went on to say that last time people made such statement, world global currency USD lost its gold backing.
Besides notable crypto believers, Crypto Twitter also found fault in the statement of the professor of economics. Crypto users on Twitter lashed Steve for criticizing the decade-old digital assets that recently outperformed other traditional assets including stocks and oil.
Noticeably, Prof. Steve isn’t the only economist condemning bitcoin and cryptocurrencies. History has witnessed many other famous personalities that marked bitcoin as ‘bubble’, a Ponzi scheme, worthless, and so on, yet the market capitalization of the digital asset keeps catching the world’s attention since its emergence in 2009.
On a similar note, Bitcoin billionaire, Tyer Winklevoss quoted Prof. Steve’s tweeted his own opinion. He said the experts opinion about Bitcoin is no longer necessary.
It’s worth noting that the value of Bitcoin is currently plunging by 3.17 percent within the past 24Hrs, making it trade around $9300 against the USD.
Other alternative tokens are also following Bitcoin’s declining value, such that Ethereum dropped by 1.97 percent and XRP by 2.77 percent respectively.