The American economist Steve Hanke knows a lot about currencies, as he is the Cato Institute’s senior fellow and director of the Troubled Currencies Project.
Bitcoin is not.” The economist also shared an article he wrote, which stresses the use of currency boards over bitcoin.
In the article, Hanke talks about the monetary luminary Milton Friedman and Hanke also said he believes bitcoin comes with a “fundamental value of zero.” Hanke is once again attacking bitcoin after finding out that El Salvador would be leveraging bitcoin as legal tender in the Latin American country.
“It has the potential to completely collapse the economy because all the dollars in El Salvador could be vacuumed up, and there’d be no money in the country.
The big problem with cryptos, in general, is that you can’t convert them into actual real legal tender that’s usable cheaply, and quickly.
Hanke did not like this assessment from the CBN and said if it was like El Salvador’s idea, it would likely lead to ruin.
If Nigeria’s plans for a digital currency is anything like El Salvador’s Bitcoin plan, it will FAIL.
“Hanke only has a hammer so to him, everything looks like a nail,” another individual wrote.
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