Although Bitcoin has been largely successful in this second quarter of the year, the journey has not been without hurdles. Several critics in the space have called it names and given reasons why it is not worth buying. Again, another fierce criticism has emerged from a professor of economics at John Hopkins, Steve Hanke who said: “Buying bitcoin is a fool’s game.”
Do not be fooled by the recent Bitcoin bump
The professor, just like other critics has cautioned cryptocurrency enthusiasts to be careful and not be fooled by the recent Bitcoin bump. Bitcoin has actually experienced a major bump since the start of April. It rose to a high of over $8,000 before experiencing a slowdown. Experts in the crypto space, however, expect Bitcoin to soon continue growing to a significant level before experiencing a major resistance that would take time to break.
Several other critics such as Nouriel Roubini have always said the same thing about Bitcoin whenever it surged and would say Bitcoin is going to zero when it crashes. Another long term critic Warren Buffet has also recently spoken harshly against Bitcoin, at one time calling it rat poison. He also labeled the cryptocurrency as gambling equipment. His business partner Charlie Munger also joined Buffet in castigating Bitcoin at their company’s annual general meeting earlier this month. He said Bitcoin investors gather to celebrate Judas Iscariot’s life work.
Bitcoin seems unaffected
Despite all the criticisms coming from influential personalities in business and academia, Bitcoin doesn’t seem to be affected. It was recently reported that interest in the asset has surged on Google using Google search trends as a yardstick. If anything, the criticisms seem to increase interest in Bitcoin as it draws people’s attention to the asset so that those who didn’t know about it suddenly become curious.
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A cryptocurrency enthusiast, author, and investor with high motivation in cryptocurrency/blockchain research and writing. He loves birdwatching and traveling. Follow him on Twitter at @Ponvangbu