Steve Hanke Shares Details of Why Bitcoin Adoption Is Nightmare for El Salvador’s Economy

Steve Hanke, a prominent economist and vocal opponent of Bitcoin and cryptocurrencies in general, believes that the adoption of Bitcoin has been very difficult for El Salvador's economy. Here's why.

"BTC is a nightmare for El Salvador's economy"
In his recent tweet, Steve Hanke has bashed Bitcoin once again, stating that Salvadorans and El Salvador's economy are having a hard time integrating BTC payments into their economy and financial system.

In particular, according to Hanke, users are facing technological problems and are losing money on a daily basis. As for the losses to the economy, the expert says, the country's creditworthiness has also been damaged: El Salvador's bonds have been going up and down for over a month now.

On Sunday, the economist again slammed Bitcoin, posting a meme about a dog that is only "sometimes friendly," again tweeting about BTC's high volatility and its speculative nature.

This is not the first time Hanke has posted negative tweets about Bitcoin, pointing out its volatility and claiming that its fundamental value equals zero and it is vulnerable to fraud.

He often criticized Bitcoin, posting memes similar to Tesla CEO Elon Musk, who, however, uses them to support crypto: Dogecoin and Bitcoin. After April, however, Musk announced that Tesla would stop accepting BTC for controversial reasons related to the carbon footprint of proof-of-work (PoW) mining and promising to allow BTC payments again as soon as Bitcoin miners switch to green energy at least 50% of their operations.

According to Michael Saylor, CEO of MicroStrategy and head of the Bitcoin Mining Council, that target has already been achieved.

Source: u.today