Amidst a world where crypto-currencies are becoming the order of the day, Steve Hanke, in a social media post, in an attempt to discourage further investment in the trade, explains the process crypto-currencies undergo before they eventually crash. But sadly enough, some of those who reacted mocked him.
The American economist, using Bitcoin, the most popular and fastest-growing crypto-currency in the world today, as a case study, Steve Hanke, warned, saying it's a speculative asset, with a fundamental value of zero.
Using the process bubbles undergo before they burst, Steve Hanke asserted that the Bitcoin bubble keeps growing bigger and bigger until it pops because that is what bubbles do.
In other words, the benefits and gains continues to be on the increase, luring many to invest in the digital currency. And because of this large influx of investors, a crash becomes unavailably eminent.
As he brought the post to a close, Steve Hanke emphatically reminded his followers who would care to listen, saying, “just remember, Bitcoin is a highly speculative asset, with a fundamental value of ZERO!”
Here are some screenshots of how Twitter users mocked Steve Hanke for his assertion:
A wise man will hear and increase wisdom, so the Bible teaches. If you must invest, be smart enough to know when to take back your investments.
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