Steve Hanke, a respected economist and a crypto critic at Johns Hopkins University, believes that Bitcoin will experience a strong decline due to the “law of ups and downs”.
Besides that, another prominent Bitcoin foe, Peter Schiff, voiced possible conditions under which the U.S. government might introduce extra regulations against BTC and all other cryptos in the future. Details are here
“Every ascent has a descent”
Prominent economist Hanke shared that the disadvantages of Bitcoin that will eventually drive its price to the bottom are its “extreme volatility and speculative nature.”
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
Hanke believes in the universal law that assets and ideas that go up quickly must eventually go down. According to his tweet, Bitcoin is not exempt from this law as it is very volatile and speculative in nature.
This isn’t the first time Hanke has mentioned the “Bitcoin features” in question. Last week he also expressed that Bitcoin is very volatile and speculative, adding that it is “prone to fraud and extremely uncertain.”
According to his post, the core value of Bitcoin is nothing but zero.
Another Bitcoin critic, Peter Schiff, CEO and CFO of SchiffGold wealth management fund, does not mean that the US government’s failure to ban Bitcoin so far is not a good sign. suggested.
“Just because the government doesn’t ban Bitcoin doesn’t mean you have to buy it.”
Gold proponent Schiff thinks that most Bitcoin buyers now will eventually want the government to ban Bitcoin.
However, he adds that after the Bitcoin crash, US financial officials are likely to use that crash as an excuse for more, tighter regulation.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.