Renowned economist and Johns Hopkins University professor, Steve Hanke, has strongly voiced his disapproval of the idea that the U.S. government might establish a strategic Bitcoin reserve in the coming years. Hanke, an outspoken critic of Bitcoin, recently dismissed the notion as counterproductive, describing it as โthe stupidest idea.โ
๐ฅ๐๐๐ง๐ค๐โ๐ฌ ๐๐๐ญ๐ข๐จ๐ง๐๐ฅ๐ ๐๐ ๐๐ข๐ง๐ฌ๐ญ ๐ ๐๐ข๐ญ๐๐จ๐ข๐ง ๐๐๐ฌ๐๐ซ๐ฏ๐
The debate around a potential U.S. Bitcoin reserve gained traction following remarks made by Senator Cynthia Lummis at a blockchain conference in mid-2024. Hanke, in a recent interview, argued that diverting government savings into Bitcoin would stifle economic growth. He stated that such funds would be removed from investments in tangible, productive assets like infrastructure and innovation. Comparing Bitcoin to collectible art, he argued that neither contributes to economic productivity or industrial growth.
In an accompanying social media post, Hanke elaborated: โSavings invested in Bitcoin arenโt creating jobs, driving innovation, or building factories.โ He emphasized that fostering productivity is critical for improving living standards and ensuring economic prosperity, underscoring his firm opposition to the concept.
๐ ๐๐๐ซ๐ฌ๐ก ๐๐จ๐ซ๐๐ฌ ๐๐จ๐ซ ๐๐ซ๐ฒ๐ฉ๐ญ๐จ๐๐ฎ๐ซ๐ซ๐๐ง๐๐ฒ ๐๐ง๐ญ๐ก๐ฎ๐ฌ๐ข๐๐ฌ๐ญ๐ฌ
Hankeโs criticisms of Bitcoin extend beyond policy proposals. In 2024, he controversially referred to cryptocurrency investors as โpsychopaths,โ citing a Canadian study from the University of Toronto. According to the study, crypto enthusiasts exhibited a higher likelihood of traits associated with the โDark Tetradโ โ narcissism, psychopathy, Machiavellianism, and sadism. Hanke suggested that these traits, coupled with low analytical thinking, contribute to irrational investment decisions in speculative assets like cryptocurrency.
๐ ๐๐ซ๐จ๐๐๐๐ซ ๐๐ซ๐ข๐ญ๐ข๐ช๐ฎ๐ ๐จ๐ ๐๐ข๐ญ๐๐จ๐ข๐ง๐ธ๐ธ๐ธ
Steve Hankeโs stance reflects his broader skepticism about cryptocurrency as a viable economic tool. By equating Bitcoin with non-productive assets, he warns against policies that, in his view, could undermine the long-term health of the U.S. economy. His critique highlights the ongoing debate over the role of digital currencies in government strategy and economic planning.
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