Top economics professor blasts U.S. Bitcoin reserve plan ‘a stupid idea’
As the cryptocurrency community anticipates the next move by the incoming Donald Trump administration regarding the potential to roll out of a Bitcoin (BTC) reserve, an economist has cautioned that such a move could negatively affect the economy. According to Steve Hanke, a professor of Applied Economics at Johns Hopkins University, establishing Bitcoin reserves is “the stupidest” idea. He argued that diverting savings into digital assets like Bitcoin would harm economic productivity and growth, he said in an X post on January 6. The post, accompanied by a video extract from Hanke’s interview with Jeremy Lin, saw the scholar explain that savings in Bitcoin are not used to fund real capital assets that drive production. Picks for you Economist warns U.S. financial deterioration has begun, projects a Black Swan event ...