A professor of applied economics at Johns Hopkins University criticized bitcoin, saying that the fundamental value of the first cryptocurrency is zero.

Professor Steve Hanke, who promotes dollarization-related initiatives in Latin America, once again criticized the first cryptocurrency. He called bitcoin an extremely speculative asset that has no economic value and benefit. Hanke backed up his position, which clearly compares bitcoin in favor of three fiat currencies: the Japanese yen, the US dollar and the euro.

Bitcoin enthusiasts were quick to react to the economist’s tweet. Artist Lucho Poletti, known for his BTC digital work, drew a similar cartoon, swapping bitcoin with government currencies and depicting cryptocurrency as the best form of money.

The CEO of decentralized finance app Cake Defi, Julian Hosp, responded to Hanke in the comments. The businessman is convinced that one can argue endlessly on the topic of BTC, but Bitcoin definitely has value. According to Hosp, there are undoubtedly people who need bitcoin, so the claim that the first cryptocurrency has zero value is fundamentally wrong.

In June 2021, Hanke criticized the adoption of bitcoin as legal tender in El Salvador, suggesting that it could completely destroy the country’s economy. In the fall of that year, the economist continued to scold bitcoin for excessive volatility, saying that any rapid growth would inevitably be followed by a fall.