As Bitcoin (BTC) matures, proponents have maintained that the digital asset has the potential to replace fiat currencies, having already found use cases as a legal tender in El Salvador.
However, Professor of Applied Economics at Johns Hopkins University, Steve Hanke, has reiterated his longstanding view on Bitcoin, noting its incapacity to take on fiat currencies or precious metals such as gold. He made these remarks during an interview with David Lin, published on May 12.
Hanke likened the possibility to what he termed a ‘sideshow in Las Vegas.’ His sentiments coincide with a period in which institutional investors have increased their allocation in Bitcoin, especially with the rollout of exchange-traded funds (ETF).
“We’re talking about a sideshow that occurs in some places like Las Vegas. As I’ve said since day one, Bitcoin is a highly speculative asset with zero fundamental value,” he said.
It should be remembered that Hanke was highly critical of El Sal
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