Salvadoran President Nayib Bukele mocks economist Steve Hanke after Bitcoin price spike – Bitcoin News

On October 15, the day the price of bitcoin surpassed $ 60,000 per unit, Salvadoran President Nayib Bukele taunted Johns Hopkins University professor of applied economics Steve Hanke about his recent statements. At the time, the well-known economist warned that El Salvador was facing “financial ruin” with “Bukele at the helm,” after the Salvadoran president bought bitcoin down when the price was down.

3 weeks ago Steve Hanke said “With Bukele at the helm” his country faces “financial ruin”, Bukele responds after Bitcoin spikes and says “You were saying?”

When El Salvador adopted Bitcoin (BTC) during the first week of September, the first day of the promulgation of the law, BTCThe fiduciary value of its dropped significantly. At that time Salvadoran President Nayib Bukele told his Twitter followers that El Salvador was “buying the decline” as the country added 150 BTC to its hiding place. Meanwhile, Johns Hopkins University professor of applied economics Steve Hanke slammed the Salvadoran president and tagged him in a Twitter post on September 23.

“Nayib Bukele plays fast and [loose] with El Salvador’s taxpayer money again, ”Hanke said. “After bitcoin prices fell to 6-week low, Bukele bought 150 more coins [and] proudly stated, “We just bought the dip. With Bukele at the helm, ELSL faces financial ruin.

Meanwhile, the main crypto asset Bitcoin (BTC) fell into a slump in September, but as the month moved into October, BTCthe price has skyrocketed. On October 15, Bukele decided to retweet Hanke’s September 23 statement and added his own remark. “You were saying?” Bukele asked mockingly the well-known economist. BTC has since hovered above the $ 60,000 price range in the past 24 hours.

The next day, Hanke responded and noted: “Yes, I said ‘financial ruin’. Have you checked out the fall in prices of El Salvador dollar-denominated bonds since September 7? Hanke asked Bukele. “As traders say, El Salvador’s bonds due in 2023, 2025 and 2029 are ‘in trouble’,” Hanke added.

Hanke Says “Private Digital Currency is Nothing New” and Says “The Case for Crypto as an Engine of Innovation is Thin”

In addition, Shapeshift founder Erik Voorhees also responded to Hanke’s tweet on Saturday with an animated GIF that shows the goalposts moving. Another person said: “Hanke looks like [the] people who were afraid of electricity in the 19th century. Hanke made it clear that he didn’t like bitcoin (BTC) on several occasions, and he was warned against the adoption of bitcoin by El Salvador in June.

At the time, Hanke said he didn’t think it was a good idea for the Latin American country to use bitcoin as legal tender and he added that the move could “bring the whole world to a halt. economy ”. Despite his angst over bitcoin, the economist has said in the past that central banks fuel the loss of wealth and the world could use less of it. However, Hanke is a fan of creating currency boards, which essentially rely on the monetary authority to maintain a fixed exchange rate with foreign currencies.

More recently, Hanke has noted that “private digital currency is nothing new. Most of the money has been produced privately and digitally for decades, ”says Hanke. In a opinion editorial published via the National Review, Hanke pointed out that “the case for crypto as a driver of innovation is slim.”

How do you feel about Salvadoran President Nayib Bukele pushing Steve Hanke to respond? Do you agree with Nayib Bukele or do you agree with economist Steve Hanke? Let us know what you think of this topic in the comments section below.

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