The president of El Salvador, Nayid Bukele was criticized by a lot of people for his decision to make Bitcoin, the country’s legal tender. And the Economist Steve Hanke was one of them. Steve is a professor of applied economics at Johns Hopkins University. He said that Nayib’s decision of buying BTC and the dip could bring “financial ruin” to El Salvador. This is why after the price of Bitcoin skyrocketed Nayib Bukele taunts economist Steve Hanke making for a perfect comeback.
Nayib’s actions and Steve’s reply
After the price of Bitcoin crashed from $53k, El Salvador president Nayib announced that they are buying the dip. He informed on Twitter that they are adding 150 Bitcoins to their holdings and averaging the price. It was at this time, that the professor of applied economics Steve Hanke criticized the actions of Nayib Bukele. He said that Nayib is playing too fast and is losing El Salvador’s money. At the same time, as the prices keep going down, Nayib announced that they bought the dip.
But as well all know it doesn’t take much time for the crypto markets to be turned. And as the month of September came to an end, the price of BTC skyrocketed in October and crossed the important threshold of $60k, Nayib retweeted Steve’s tweet with a remark – “You were saying?”. After this Steve replied, “Yes, I was saying ‘financial ruin”. He also brought up the bonds traded in El Salvador saying that those due in 2023, 25, and 29 are distressed.
Steve’s statements against crypto
Steve thinks that private digital money is nothing special or new. Even in the past, private money has been introduced a lot of times. In fact, he was so against Bitcoin and crypto on Twitter that the community started to make fun of him. Many said that he is afraid of BTC like the people that were afraid of electricity back in the 19th century. But Steve has stayed firm on his belief that using BTC as a legal tender could collapse the economy.
What are your thoughts on the fact that Nayib Bukele taunts Economist Steve Hanke after BTC skyrockets? And do you think that Steve’s logic is somewhat justified? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.