Steve Hanke, a leading U.S. economist and professor of applied economics at Johns Hopkins University in Baltimore, expressed his disapproval during a recent interview about the possibility of the U.S. government establishing a strategic Bitcoin reserve in the coming years.
Hanke, often recognized for his criticism, frequently voices his disagreement with Bitcoin on his X social media platform, where he’s particularly vocal about the world’s leading digital currency.
U.S. Bitcoin Reserve is “stupidest idea” per Hanke
In a recent update, economist Steve Hanke discussed an opinion he expressed in a recent interview, which was based on a proposal made by Senator Cynthia Lummis at a U.S. blockchain conference held in the summer of 2024.
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Steve Hanke, in his latest post, elaborated on views he shared during an interview, which were in response to a suggestion made by Senator Cynthia Lummis at the 2024 U.S. blockchain conference.
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In his recent communication, Steve Hanke provided insights into his thoughts on a statement made by Senator Cynthia Lummis during the summer 2024 U.S. blockchain conference, as discussed in their interview at that time.
A well-known U.S. economist stated that transforming government funds into Bitcoin could slow down the economy because those resources wouldn’t be utilized for purchasing traditional capital assets that generate products. He likened investing in Bitcoin to buying artworks from Old Masters. This type of investment wouldn’t support any bankable projects that actually produce tangible results, he asserted.
An American Bitcoin Strategic Reserve is an Impractical Concept:
Instead of investing in infrastructure projects, job creation, or technological advancements, resources are being diverted towards Bitcoin.— Steve Hanke (@steve_hanke) January 6, 2025
The expert emphasized that increasing productivity within an economy is crucial for enhancing living standards and promoting prosperity, as failing to do so would not foster economic growth. In stark contrast, Hanke firmly rejected the notion of a Bitcoin strategic reserve in the United States, labeling it as “the most foolish idea.
In the accompanying tweet for the video clip, Hanke reiterated his point: “Money invested in Bitcoin isn’t being used to construct factories, generate employment opportunities, or stimulate technological advancements.
Hanke calls crypto holders “psychopaths”
In the previous year, Steve Hanke wrote a blog post that likened cryptocurrency owners to individuals displaying psychopathic traits. This characterization was based on findings from a psychological research project led by scholars at the University of Toronto in Canada.
According to this research, individuals who own cryptocurrencies tend to demonstrate less analytical and scientific reasoning abilities, and they are more likely to display traits of psychopathy compared to the average person in society, as Hanke explained.
As a crypto investor, I recently came across some intriguing findings from a study involving around 2,000 Americans. The research suggested that individuals who own cryptocurrencies tend to exhibit traits often referred to as the “Dark Tetrad,” which include narcissism, Machiavellianism, psychopathy, and sadism.
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2025-01-07 16:03