Bitcoin is not a currency, Prof Steve Hanke warns

Reacting to the recent disappointing performance by Bitcoin in the crypto market, Prof Steve Hanke noted on Twitter that Bitcoin should not be confused as a means of legal tender because it is very speculative in nature. ​ https://preview.redd.it/oq1jdrjnyz651.png?width=598&format=png&auto=webp&s=fb0b16134832ad34be1022f2b990dddf1ee2040d This is not the first time an influential figure is criticizing Bitcoin, as far back as 2019, Economist Nouriel Roubini said that he would gladly take the dollar over Bitcoin because he does not believe that it is a real store of value. Giving his take on Bitcoin, the Economist said, "Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable [...] despite its rally earlier this year, it’s lost 60% in value since its peak, so I don’t see it going anywhere frankly." Buttressing the point of Roubini, Billionaire, Warren buffet claims that Bitcoin is an illusion because it holds no real store of value. “If you do something phony by going out and selling yo-yos or something, there’s no money in it — but when you get into Wall Street, there’s huge money," the billionaire said. Bitcoin Stuck in Negative Zone After Failing to Make Resistance Break Talking about the recent disappointing performance of the coin, investor and analyst at Panda, Edward Moya said; “Bitcoin continues to consolidate in what many crypto fans are calling the typical accumulation phase that occurs after a halving event. The coin has struggled “despite an overall resilient appetite for risky assets." submitted by /u/Bit2buzz [link] [comments]

source https://www.reddit.com/r/btc/comments/hfgu75/bitcoin_is_not_a_currency_prof_steve_hanke_warns/