Thursday, June 8, 2023
News Media Empire
  • About Us
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • Home
  • World News
  • Politics
  • Business & Economy
  • Money
  • Science & Tech
  • Opinion
  • Lifestyle
  • Health
  • Sports
  • Entertainment
  • Crypto
No Result
View All Result
  • Home
  • World News
  • Politics
  • Business & Economy
  • Money
  • Science & Tech
  • Opinion
  • Lifestyle
  • Health
  • Sports
  • Entertainment
  • Crypto
No Result
View All Result
News Media Empire
No Result
View All Result
Home Crypto

This Economist Calls Bitcoin A ‘Snake Oil’ As BTC Price Corrects 5%

September 20, 2021
in Crypto
0
Bitcoin
0
SHARES
Share on FacebookShare on TwitterShare on RedditShare on Whatsapp


Throughout the month of September, Bitcoin (BTC) along with the overall crypto market has remained volatile. As of press time, Bitcoin (BTC) is trading ~5% down at a price of $45,755 and a market cap of $861 billion.

advertisement

Steve Hanke, an economist at Johns Hopkins University has lashed out at Bitcoin in a recent attack. Referring to Bitcoin as a ‘snake oil’, Hanke noted that the crypto bulls are offloading their supply to retail players. In his recent Twitter message, Hanke writes:

Don’t buy the #Bitcoin snake oil the crypto bulls are selling. Its extreme volatility, susceptibility to fraud, and uncertainty are all reasons why BTC will never be suitable as a true currency.  Bitcoin is a highly speculative asset, with a fundamental value of ZERO.

Besides, the economist criticized El Salvador for its recent adoption of Bitcoin law. He noted how the El Salvadorian bonds have been in distress over the last two weeks since it introduced the Bitcoin law.

El Salvadoran Bonds have been in distress for 2 weeks now as a result of its newly passed bitcoin law. Friday alone, spreads for the 2025 and 2029 bonds rose by 32 and 5 basis points, respectively, against comparable US Bonds. pic.twitter.com/zvZ8t82ot6

— Steve Hanke (@steve_hanke) September 20, 2021

As per the Reuters report last week, S&P Global also believes El Salvador’s Bitcoin adoption can have immediate “negative implications” on its credit ratings.

“The risks associated with the adoption of bitcoin as legal tender in El Salvador seem to outweigh its potential benefits,” it added.

Bitcoin (BTC) Under Pressure

After a strong performance in August last month, Bitcoin has been trading under pressure in the month of September so far. It has been trading at negative returns over the last 20 days. But historically, September has been the month of selling pressure for Bitcoin and the overall crypto space.

However, Q4 has turned out to be positive for the world’s largest crypto. As a result, market analysts remain bullish and many believe that Bitcoin could hit $100K levels by the year-end.

I still believe that Q4 will be very bullish for #crypto and that #bitcoin will hit 100k by EOY. I also believe most will get totally caught up in the euphoria and hand most of their paper gains back to the market. Don’t let that be you!

— Lark Davis (@TheCryptoLark) September 20, 2021

The crypto market is full of volatility and nothing can be certain. As of press time, Bitcoin is trading at nearly 50% gains year-to-date.

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

About Author

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





Source link

Get Free Advertise Coin
Previous Post

Solana, Ethereum Price Analysis: September 20, 2021

Next Post

Sushi Swap Fails To Break Major Resistance Zone, Will Bulls Hold $11?

Related Posts

telegram bots
Crypto

Top Crypto Telegram Bots For 2023

June 8, 2023
Breaking: Terra Classic's Biggest v2.1.0 Parity Upgrade Proposal Officially Passed, LUNC To $1
Crypto

Breaking: Terra Classic’s Biggest v2.1.0 Parity Upgrade Proposal Officially Passed, LUNC To $1

June 8, 2023
Circle Heath Tarbert
Crypto

Circle Ropes In Former CFTC Chair To Push For Regulatory Clarity On Crypto

June 8, 2023
Next Post
sushi

Sushi Swap Fails To Break Major Resistance Zone, Will Bulls Hold $11?

Office workers are expected to return to the office for the entire working week at some companies in London

'Its like back to school': London finally returns to the office and in-face meetings | Fin24

El Salvador

El Salvador Buys the Bitcoin Dip Again, Here's How Much They Bought

Discussion about this post

AdvertiseCoin ADCO Get Now Free
News Media Empire

Newsmediaempire is an online news source that provides the latest news and other information about everything that you must need to know. It publishes news related to various fields like world, business, sports, politics, tech, health, lifestyle, and other different exclusive stories.

Let's connect!

Categories

  • Business & Economy
  • Crypto
  • Entertainment
  • Health
  • Lifestyle
  • Money
  • Opinion
  • Politics
  • Science & Tech
  • Sports
  • World News

Recent News

  • Top Crypto Telegram Bots For 2023 June 8, 2023
  • SA risks losing over R600bn on Russia stance, Stanlib says | Business June 8, 2023
  • Fury at fresh badger slaughter as cull widened to stop population bouncing back June 8, 2023

Join Our Newsletter!

    • About Us
    • Contact
    • Privacy Policy
    • Terms & Conditions

    newsmediaempire.com © 2021 All rights reserved.

    No Result
    View All Result
    • About Us
    • Contact
    • Home 1
    • Home 2
    • Home 3
    • Privacy Policy
    • Random
    • Sample Page
    • Terms & Conditions

    newsmediaempire.com © 2021 All rights reserved.

    en English
    ar Arabicbg Bulgarianzh-CN Chinese (Simplified)nl Dutchen Englishfr Frenchde Germanit Italianpt Portugueseru Russianes Spanish
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.