Economist Steve Hanke Warns Salvadoran Bitcoin Adoption Could 'Completely Crash the Economy'

Steve Hanke, professor of applied economics at Johns Hopkins University, has recently criticized the adoption of bitcoins in El Salvador. Hanke doesn't think it's a good idea, saying that the Latin American country's use of bitcoin as a legal tender "could completely crash the economy." Steve Hanke Wants Countries to Adopt Currency Marks Instead of Being Attracted to Accept Bitcoin US economist Steve Hanke, a senior fellow at the Cato Institute and director of the Troubled Currencies Project, knows a lot about currencies. Hanke was also a senior economist during the Reagan administration from 1981 to 1982. The economist criticizes central banking, noting that the world could be used less in 2018. At the time, Hanke highlighted ten countries suffering from hyperinflation, and the economist suggested that countries either adopt the US dollar or establish a currency council. "Countries with currency signs resulted in lower inflation rates, smaller budget deficits, lower gross domestic product, fewer banking crises, and higher real growth rates," Hanke said at the time. . Fast forward to three years later, Hanke is now discussing bitcoin (BTC) and the implications of widespread adoption. Hanke is not a fan of bitcoin and has stated this fact many times. Last April, Hanke tweeted: “Bitcoin bulls hate to discuss bitcoin's flaws. Cryptocurrencies are the future of money. Not Bitcoin.” The economist also shared an article highlighting the use of currency tokens on bitcoin in which Hanke talks about monetary powerhouse Milton Friedman, and Hanke also said he believes bitcoin has "zero fundamental value". Hanke attacked bitcoin again after learning that El Salvador would use bitcoin as a legal tender in the Latin American country.

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