Johns Hopkins University Professor of Applied Economics Steve Hanke has once again opposed Bitcoin.
Economist Steve Hanke
wrote on Twitter that any rapid growth will inevitably be followed by an equally rapid decline, and Bitcoin is also not exempt from this pattern. According to Hanke, the excessive volatility and speculative nature of Bitcoin only confirms the relevance of the “law of growth and decline.”
Hanke’s tweet was commented on by MicroStrategy CEO Michael Saylor, who, in turn, regularly buys bitcoin. He replied that according to the laws of motion, objects moving at a second cosmic and higher speed never fall. The earth, moon, sun and stars move in their orbits, just like bitcoin, Sailor said.
Earlier, Hanke criticized President Salvador Nayib Bukele for legalizing bitcoin in the country. The economist believes that bitcoin can destroy the economy of El Salvador and “siphon” all the money out of it.
Another well-known cryptocurrency critic, Peter Schiff,
surethat even if regulators aren’t going to ban bitcoin, that doesn’t mean people should buy it. According to Schiff, the administration of US President Joe Biden would prefer to tax and regulate cryptocurrencies. However, after the collapse of Bitcoin, the US government can use this situation as an excuse to tighten regulation of the entire cryptocurrency industry, Schiff suggested.
Recall that during the September panic over the possible bankruptcy of the Chinese developer China Evergrande, Schiff took the opportunity to gloat about the decline in the bitcoin rate and said that “the cryptocurrency bubble will burst soon.”
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
