Famous economist Steve Hanke thinks Bitcoin is not a real money.
World-renowned economist Steve Hanke, known as one of the most popular crypto currency and Bitcoin critics. Hanke, who has criticized the leading cryptocurrency Bitcoin for years, did not hesitate to criticize BTC in a recent post he published.
— Prof. Steve Hanke (@steve_hanke) July 4, 2020
Hanke: Bitcoin Is Not A Currency
Hanke stressed that Bitcoin is not a currency but a speculative asset. Expressing that a cryptocurrency must be indexed to Gold in order for it to be a real currency, Hanke drew a lot of reactions on Twitter.
As it is known, the US Federal Reserve dropped the Gold Standard years ago and no longer prints Gold indexed money in its reserves. Instead, the US, which freely prints money without any limits, technically makes an unsupported issue like Bitcoin.
Although Hanke made such a statement and stated that BTC is not a real money, most of the institutional investors are known to have a significant amount of BTC. Especially after the coronavirus-induced crisis, the amount of BTC investment of institutional investors has increased significantly and continues to increase. Critics like Hanke and Roubini still continue their criticism.