Steve Hanke believes that the value of the first cryptocurrency could collapse as quickly as it rose
Johns Hopkins University professor of applied economics and cryptocurrency critic Steve Hanke is confident that the value of bitcoin could collapse due to the market law, which says “what rises must fall.”
According to Hanke, this law will be confirmed by the high volatility and speculative nature of the first cryptocurrency.
What goes up must come down, and #Bitcoin certainly isn’t exempt from this law. #BTC’s extreme volatility & speculative nature serve as reminders of the up and down law. pic.twitter.com/ux9pMy3jwL
— Steve Hanke (@steve_hanke) October 5, 2021
In late September, Hanke compared Bitcoin to the world’s biggest disasters, such as the sinking of the Titanic in 1912 and the Hindenburg airship in 1937. The economist also called the first cryptocurrency a speculative asset with zero fundamental value.
Hanke worked as a senior economist during the administration of US President Ronald Reagan from 1981 to 1982.