Has Steve Hank found a way out of the hole he has been digging for years? The economist holds the world record for the person with the most terrible bitcoins, and his prediction has failed for nearly 13 years. Now, he seems to suddenly like the world’s second largest cryptocurrency by market value. But what does he like about Ethereum? this”560% price increase this year“Of course. But there is more…
Ethereum is competing with Bitcoin. Ethereum’s growing popularity in DeFi and NFT has led to a 560% price surge this year. It looks like a bubble. But is it?https://t.co/2fkvuNoRWz
-Steve Hanke (@steve_hanke) November 12, 2021
Wait…Does Steve Hanke like NFT? The man said,”Ethereum is becoming more and more popular in DeFi and NFTs”, without a hint of irony. He also said:”Ethereum is competing with Bitcoin“This is the most positive thing Steve Hank has said about Bitcoin in more than a decade. And, in the end, he left room for possible denial,”It looks like a bubble. But is it?“
The economist also linked to an extremely Basic and clumsy CNN article. Has Steve Hank warmed up to cryptocurrency? Or are there other dynamics at work here?
Articles Steve Hank linked to
This ordinary article doesn’t say much. Its main message is price movements that anyone who reads NewsBTC may already be familiar with.
“Ethereum, or Ether for short, is also trading at record levels. It is now hovering around $4,850 and has soared by more than 560% this year, while Bitcoin “only” rose by 135%. Crypto investors bet on Ether Will continue to be used as the backbone of more non-fungible tokens or NFTs and so-called smart contracts.”
Okay, what else can you give us? not much. Everywhere. It breaks down the total market value of cryptocurrencies, introduces the fabulous concept of “flip”, and tries to keep people away from meme coins. To this end, CNN quoted Paxfull’s Ray Youssef as saying: “Ether and Bitcoin and Memes are like the difference between blue chip stocks and penny stocks, you get a call from someone in the boiler room. The article also talked about inflation, how could it not? and introduced ETFs in the picture.
“The rise of Bitcoin ETFs may also be good news for Ethereum, because experts predict that similar Ethereum ETFs will be launched soon. This will make it easier for ordinary investors and large money management companies to buy cryptocurrencies.”
So, all in all, it didn’t say too much, the only clear fact it raised was that Ethereum’s year was better than Bitcoin. So why should Steve Hank link to it?
ETH price chart for 11/13/2021 on Bitfinex | Source: ETH/USD on TradingView.com
Is Hank looking for a lifeboat?
At NewsBTC, we are constantly arguing with Steve Hank.Just last year, we responded to him saying that Bitcoin illegal, Not currency, And its concept “Stupid” as legal tender. “And now, he seems to like Ethereum. Why? Is it because the internal policies of Ethereum are more similar to the traditional banking system he is used to? Or does Hanke realize that cryptocurrency will continue to exist and dare not admit that he has been using Bitcoin over the years Is your opinion so wrong?
In any case, the main reaction in his responses so far has been mockery.Even the notorious defender of Ethereum Udi Wertheimer says,”This is the most pessimistic Ethereum signal I have ever seen in my life.“Let’s pay close attention to his Twitter feed to see what this economist has to say about Ethereum in the next few days. This will be interesting.
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