{"id":465312,"date":"2021-06-09T10:07:49","date_gmt":"2021-06-09T10:07:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=465312"},"modified":"2024-06-11T12:51:10","modified_gmt":"2024-06-11T12:51:10","slug":"top-economist-calls-bitcoin-as-legal-tender-stupid-heres-why-hes-wrong","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/top-economist-calls-bitcoin-as-legal-tender-stupid-heres-why-hes-wrong\/","title":{"rendered":"Top Economist Calls Bitcoin As Legal Tender &#8220;Stupid&#8221;. Here\u2019s Why He\u2019s Wrong."},"content":{"rendered":"<p><span style=\"font-weight: 400\">Let\u2019s not kid ourselves, a person like Steve Hanke has enormous incentives to defend the status quo. He\u2019s benefited tremendously from it. It could be argued that his livelihood depends on Bitcoin failing. A project to make it legal tender in any country goes directly against Hanke\u2019s interests, and it\u2019s no wonder he spoke against it. The insult was over the line, though.<\/span><\/p>\n<p><span style=\"font-weight: 400\">We\u00b4re going to take the higher road and elegantly answer all of his points. The tweet in question was this one:<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Paraguay?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Paraguay<\/a> congressman Carlitos Rejala seeks to make <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a> legal tender. How stupid can you be? <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a>  is NOT a store of value, medium of exchange, or a reliable unit of account. Its volatility is an obvious reminder that it is merely a highly speculative asset, NOT a currency. <a href=\"https:\/\/t.co\/BZXA9Y9i3N\" rel=\"nofollow\">https:\/\/t.co\/BZXA9Y9i3N<\/a><\/p>\n<p>&mdash; Steve Hanke (@steve_hanke) <a href=\"https:\/\/twitter.com\/steve_hanke\/status\/46596104?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 7, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400\">Is Bitcoin A Store Of Value?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Who decides this? The people. If one person uses an asset to safeguard his wealth, then it\u2019s a store of value. The question then is, is Bitcoin an effective store of value? Well, considering it\u2019s the only commodity in the history of the earth that presents absolute scarcity, it\u2019s probably a safe bet. Make no mistake, though, it\u2019s still a bet. The Bitcoin experiment is an ongoing process and nothing is set in stone.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-legal-tender-el-salvador\/\">Why Bitcoin Declared Legal Tender Could Have Major Implications Beyond El Salvador<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">Scratch that, <\/span><i><span style=\"font-weight: 400\">one<\/span><\/i><span style=\"font-weight: 400\"> thing is set in stone. There will only ever be 21 million bitcoins. The supply is fixed, so if the demand increases, the price will go up. It\u2019s as simple as that. To add credibility to the argument, let\u2019s quote Saifedean Ammous\u2019 \u201cThe Bitcoin Standard\u201d:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">Until Bitcoin&#8217;s invention, all forms of money were unlimited in their quantity and thus imperfect in their ability to store value across time. Bitcoin&#8217;s immutable monetary supply makes it the best medium to store the value produced from the limited human time, thus making it arguably the best store of value humanity has ever invented. To put it differently, Bitcoin is the cheapest way to buy the future, because Bitcoin is the only medium guaranteed to not be debased, no matter how much its value rises.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Did you know that 40% of all US Dollars that have ever existed were printed in the last twelve months? That\u2019s what debasement looks like. And the whole world is feeling its effects.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Is Bitcoin A Medium Of Exchange?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Our friend Steve Hanke was answering Paraguay\u2019s congressman Carlos Rejala but, as you probably know, <\/span><a href=\"https:\/\/twitter.com\/nayibbukele\/status\/16836352\" rel=\"nofollow\"><span style=\"font-weight: 400\">the first country to approve<\/span><\/a><span style=\"font-weight: 400\"> bitcoin as legal tender <\/span><a href=\"https:\/\/bitcoinist.com\/how-el-salvador-embracing-bitcoin-signifies-the-separation-of-money-and-state\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">was El Salvador<\/span><\/a><span style=\"font-weight: 400\">. This is not a coincidence, since \u201c<\/span><i><span style=\"font-weight: 400\">a real village with real Bitcoin uses in daily life<\/span><\/i><span style=\"font-weight: 400\">\u201d is right there in El Salvador.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/twitter.com\/Bitcoinbeach\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin Beach<\/span><\/a><span style=\"font-weight: 400\"> project is also the main real-life use case for the Lightning Network. If there\u2019s a place in which small Bitcoin transactions are an everyday thing, it\u2019s this one. As <\/span><a href=\"https:\/\/www.nasdaq.com\/articles\/on-the-coast-of-el-salvador-bitcoin-is-becoming-the-standard-2020-01-13\" rel=\"nofollow\"><span style=\"font-weight: 400\">Nasdaq<\/span><\/a><span style=\"font-weight: 400\"> informed last year, when the project was still developing:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">In the flagship Bitcoin village of El Zonte, for example, you can use bitcoin to pay for a haircut, get your nails done and chow down on some local dishes (like some delicious pupusas). Soon, you\u2019ll even be able to buy a cup of coffee with it and go to the doctor\u2019s office for a checkup.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">If there\u2019s any doubt that Bitcoin Beach was the inspiration for El Salvador\u2019s historic move, Stephan Livera paraphrases what President Bukele said on Clubhouse:\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bukele: Bitcoin beach team demonstrated that this is not for rich people only. A community can benefit from Bitcoin. And now we&#39;re going to demonstrate it on a country wide scale.<\/p>\n<p>&mdash; Stephan Livera (@stephanlivera) <a href=\"https:\/\/twitter.com\/stephanlivera\/status\/37381123?ref_src=twsrc%5Etfw\" rel=\"nofollow\">June 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">So yeah, Bitcoin is a proven medium of exchange with real-life use cases. We could include the incredible amount of Bitcoin transactions that the virtual world sees every day, but there\u2019s no need.<\/span><br \/>\n<img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-465313 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/06\/BTCUSD.png?resize=460%2C267\" alt=\"BTCUSD price chart for 06\/09\/2021 - TradingView\" width=\"460\" height=\"267\"><\/p>\n<pre style=\"text-align: center\">BTC price chart on Bitbay | Source: BTC\/USD on <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><span style=\"font-weight: 400\">Is Bitcoin A Reliable Unit Of Account?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Let\u2019s admit it, Bitcoin\u2019s price is volatile. Why is that? Let\u2019s quote \u201cThe Bitcoin Standard\u201d once again:<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">As it stands, given that Bitcoin constitutes less than 1% of the global money supply, large individual transactions in Bitcoin can have a large impact on price, and small variations in demand can cause large swings in price. This, however, is a feature of the current situation where Bitcoin as a global settlement network and currency is still a tiny fraction of global settlement payments and money supply.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Bitcoin is still in its infancy. You can\u2019t ask a 12-year-old child to behave like an adult. What does it need to grow? Nurture. And since it IS a currency, nurture is equivalent to widespread adoption. This is exactly what\u2019s happening, with all of these countries considering emulating El Salvador in making Bitcoin legal tender.\u00a0<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/analysis\/btc\/bitcoin-indicator-behavior-mega-pump\/\">Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">If Bitcoin becomes the global reserve currency of the world, volatility won\u2019t be a problem. And the whole planet will be a level playing field because one country won\u2019t have the immense privilege of issuing the global reserve currency. And debasing it at will.<\/span><\/p>\n<pre style=\"text-align: center\">Featured Image <a href=\"https:\/\/www.istockphoto.com\/\" rel=\"nofollow\">iStockPhoto<\/a> | Charts by <a href=\"https:\/\/www.tradingview.com\/\" rel=\"nofollow\">TradingView<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Let\u2019s not kid ourselves, a person like Steve Hanke has enormous incentives to defend the status quo. He\u2019s benefited tremendously from it. It could be argued that his livelihood depends on Bitcoin failing. A project to make it legal tender in any country goes directly against Hanke\u2019s interests, and it\u2019s no wonder he spoke against it. The insult was over the line, though. We\u00b4re going to take the higher road and elegantly answer all of his points. The tweet in question was this one: #Paraguay congressman Carlitos Rejala seeks to make #BTC legal tender. How stupid can you be? #Bitcoin is NOT a store of value, medium of exchange, or a reliable unit of account. Its volatility is an obvious reminder that it is merely a highly speculative asset, NOT a currency. https:\/\/t.co\/BZXA9Y9i3N &mdash; Steve Hanke (@steve_hanke) June 7, 2021 Is Bitcoin A Store Of Value? Who decides this? The people. If one person uses an asset to safeguard his wealth, then it\u2019s a store of value. The question then is, is Bitcoin an effective store of value? Well, considering it\u2019s the only commodity in the history of the earth that presents absolute scarcity, it\u2019s probably a safe bet. Make no mistake, though, it\u2019s still a bet. The Bitcoin experiment is an ongoing process and nothing is set in stone. Related Reading | Why Bitcoin Declared Legal Tender Could Have Major Implications Beyond El Salvador Scratch that, one thing is set in stone. There will only ever be 21 million bitcoins. The supply is fixed, so if the demand increases, the price will go up. It\u2019s as simple as that. To add credibility to the argument, let\u2019s quote Saifedean Ammous\u2019 \u201cThe Bitcoin Standard\u201d: Until Bitcoin&#8217;s invention, all forms of money were unlimited in their quantity and thus imperfect in their ability to store value across time. Bitcoin&#8217;s immutable monetary supply makes it the best medium to store the value produced from the limited human time, thus making it arguably the best store of value humanity has ever invented. To put it differently, Bitcoin is the cheapest way to buy the future, because Bitcoin is the only medium guaranteed to not be debased, no matter how much its value rises. Did you know that 40% of all US Dollars that have ever existed were printed in the last twelve months? That\u2019s what debasement looks like. And the whole world is feeling its effects.\u00a0 Is Bitcoin A Medium Of Exchange? Our friend Steve Hanke was answering Paraguay\u2019s congressman Carlos Rejala but, as you probably know, the first country to approve bitcoin as legal tender was El Salvador. This is not a coincidence, since \u201ca real village with real Bitcoin uses in daily life\u201d is right there in El Salvador.\u00a0 The Bitcoin Beach project is also the main real-life use case for the Lightning Network. If there\u2019s a place in which small Bitcoin transactions are an everyday thing, it\u2019s this one. As Nasdaq informed last year, when the project was still developing: In the flagship Bitcoin village of El Zonte, for example, you can use bitcoin to pay for a haircut, get your nails done and chow down on some local dishes (like some delicious pupusas). Soon, you\u2019ll even be able to buy a cup of coffee with it and go to the doctor\u2019s office for a checkup. If there\u2019s any doubt that Bitcoin Beach was the inspiration for El Salvador\u2019s historic move, Stephan Livera paraphrases what President Bukele said on Clubhouse:\u00a0 Bukele: Bitcoin beach team demonstrated that this is not for rich people only. A community can benefit from Bitcoin. And now we&#39;re going to demonstrate it on a country wide scale. &mdash; Stephan Livera (@stephanlivera) June 9, 2021 So yeah, Bitcoin is a proven medium of exchange with real-life use cases. We could include the incredible amount of Bitcoin transactions that the virtual world sees every day, but there\u2019s no need. BTC price chart on Bitbay | Source: BTC\/USD on TradingView.com Is Bitcoin A Reliable Unit Of Account? Let\u2019s admit it, Bitcoin\u2019s price is volatile. Why is that? Let\u2019s quote \u201cThe Bitcoin Standard\u201d once again: As it stands, given that Bitcoin constitutes less than 1% of the global money supply, large individual transactions in Bitcoin can have a large impact on price, and small variations in demand can cause large swings in price. This, however, is a feature of the current situation where Bitcoin as a global settlement network and currency is still a tiny fraction of global settlement payments and money supply. Bitcoin is still in its infancy. You can\u2019t ask a 12-year-old child to behave like an adult. What does it need to grow? Nurture. And since it IS a currency, nurture is equivalent to widespread adoption. This is exactly what\u2019s happening, with all of these countries considering emulating El Salvador in making Bitcoin legal tender.\u00a0 Related Reading | Time To Pay Attention: Bitcoin Indicator Behavior Mimics Historic Rally If Bitcoin becomes the global reserve currency of the world, volatility won\u2019t be a problem. And the whole planet will be a level playing field because one country won\u2019t have the immense privilege of issuing the global reserve currency. And debasing it at will. Featured Image iStockPhoto | Charts by TradingView<\/p>\n","protected":false},"author":539,"featured_media":464273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,83491],"tags":[83732,620,83734,83730,83729,83735,83728,83731,16999,83733,79592,17000,4312,11640],"class_list":["post-465312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-in-depth","tag-bitcoin-beach","tag-bitcoin-legal-status","tag-bitcoin-legal-tender","tag-carlos-rejala","tag-el-salvador","tag-global-reserve-currency","tag-nayib-bukele","tag-paraguay","tag-saifedean-ammous","tag-stephan-livera","tag-steve-hanke","tag-the-bitcoin-standard","tag-us-dollar","tag-widespread-adoption"],"acf":[],"yoast_head":"\n<title>Top Economist Calls Bitcoin As Legal Tender &quot;Stupid&quot;. Here\u2019s Why He\u2019s Wrong.<\/title>\n<meta name=\"description\" content=\"Let\u2019s not kid ourselves, a person like Steve Hanke has enormous incentives to defend the status quo. He\u2019s benefited tremendously from it. It could be\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/top-economist-calls-bitcoin-as-legal-tender-stupid-heres-why-hes-wrong\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top Economist Calls Bitcoin As Legal Tender &quot;Stupid&quot;. Here\u2019s Why He\u2019s Wrong.\" \/>\n<meta property=\"og:description\" content=\"Let\u2019s not kid ourselves, a person like Steve Hanke has enormous incentives to defend the status quo. He\u2019s benefited tremendously from it. 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