Bitcoin and Cryptocurrency Review by Famous Economist Steve Hanke.
— Steve Hanke (@steve_hanke) June 22, 2020
According to the professor, crypto needs to be connected to a commodity basket to be a legitimate cryptocurrency.
Fed economists think Bitcoin is fiat
The New York Federal Reserve recently launched a discussion by classifying Bitcoin as another fiat currency.Fed economists argued that Bitcoin’s transfer mechanism is the only difference compared to government-backed money.Despite disdaining the central bank, Euro Pacific Capital CEO Peter Schiff supported the Fed economists’ assertion and predicted that trust in both “traditional and crypto fiat” would disappear.Unlike Schiff, Coin Carter’s co-founder Nic Carter described the Fed’s view as “pointless”, accusing the New York Fed of “ignorance” and “abuse of language.”
Alright, so this is insane. Given that other Fed branches have opined intelligently on the topic, I'm kind of shocked to see this level of ignorance, misclassification, and abuse of language from the NY Fedhttps://t.co/v9w1btB7yU
— nic carter (@nic__carter) June 19, 2020
Hanke competes with Schiff on Bitcoin hate.
When it turned out that the giant investment bank Goldman Sachs did not see Bitcoin as a “real asset class,” Hanke praised the bank and compared crypto investors to Las Vegas gamblers.In early March, when North Korean hackers stole huge amounts of crypto, he said that Bitcoin should be avoided “like the plague”.