{"id":13282,"date":"2021-10-17T17:54:04","date_gmt":"2021-10-17T17:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/salvadoran-president-nayib-bukele-taunts-economist-steve-hanke-after-bitcoins-price-skyrockets\/"},"modified":"2021-10-17T17:54:04","modified_gmt":"2021-10-17T17:54:04","slug":"salvadoran-president-nayib-bukele-taunts-economist-steve-hanke-after-bitcoins-price-skyrockets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/salvadoran-president-nayib-bukele-taunts-economist-steve-hanke-after-bitcoins-price-skyrockets\/","title":{"rendered":"Salvadoran President Nayib Bukele Taunts Economist Steve Hanke After Bitcoin\u2019s Price Skyrockets"},"content":{"rendered":"

On October 15, the day bitcoin\u2019s price surpassed the $60K per unit handle, Salvadoran president Nayib Bukele taunted the professor of applied economics at Johns Hopkins University, Steve Hanke, over his recent statements. At the time, the well known economist warned that El Salvador faces \u201cfinancial ruin\u201d with \u201cBukele at the helm,\u201d after El Salvador\u2019s president bought the bitcoin dip when the price was down.<\/strong><\/p>\n

3 Weeks Ago Steve Hanke Said \u2018With Bukele at the Helm\u2019 His Country Faces \u2018Financial Ruin,\u2019 Bukele Responds After Bitcoin Spikes and Says: \u2018You Were Saying?\u2019<\/h2>\n

When El Salvador adopted bitcoin (BTC)<\/a> during the first week of September, the first day the law was enacted, BTC<\/a>\u2019s fiat value dropped a great deal. At that time, Salvadoran president Nayib Bukele told<\/a> his Twitter followers that El Salvador was \u201cbuying the dip\u201d as the country added 150 BTC<\/a> to its stash. Meanwhile, the professor of applied economics at Johns Hopkins University, Steve Hanke, has criticized the Salvadoran president and tagged him in a Twitter post on September 23.<\/p>\n

\u201cNayib Bukele is playing fast and [loose] with El Salvador\u2019s tax dollars again,\u201d Hanke said. \u201cAfter bitcoin prices tumbled to a 6wk low, Bukele bought 150 more coins [and] proudly said that \u2018We just bought the dip.\u2019 With Bukele at the helm, ELSL faces financial ruin.\u201d<\/p>\n

Meanwhile, the leading crypto asset bitcoin (BTC)<\/a> did fall into a slump in September, but as the month transitioned into October<\/a>, BTC<\/a>\u2019s price skyrocketed. On October 15, Bukele decided to retweet Hanke\u2019s September 23 statement and added a remark of his own. \u201cYou were saying?\u201d Bukele tauntingly asked<\/a> the well known economist. BTC<\/a> has since been hovering above the $60K price range during the last 24 hours.<\/p>\n

The following day, Hanke responded and said<\/a>: \u201cYes, I was saying \u2018financial ruin.\u2019 Have you checked the price plunge of El Salvador\u2019s dollar-denominated bonds since September 7th?\u201d Hanke asked Bukele. \u201cAs the traders say, El Salvador\u2019s bonds due in 2023, 2025, & 2029 are \u2018distressed,\u2019\u201d Hanke added.<\/p>\n

Hanke Says \u2018Private, Digital Money Is Nothing New,\u2019 and Claims \u2018the Case for Crypto as a Driver of Innovation Is Thin\u2019<\/h2>\n

Furthermore, the founder of Shapeshift, Erik Voorhees, also responded<\/a> to Hanke\u2019s tweet on Saturday with an animated GIF that shows goalposts moving. Another individual stated: \u201cHanke sounds like [the] people who were afraid of electricity in the 19th century.\u201d Hanke has clearly stated that he\u2019s not fond of bitcoin (BTC<\/a>) many times, and he\u2019s warned<\/a> about El Salvador\u2019s bitcoin adoption in June.<\/p>\n

At that time, Hanke said he didn\u2019t think it\u2019s a good idea for the Latin American country to use bitcoin as legal tender and he further added that the decision could \u201ccompletely collapse the economy.\u201d Despite his angst toward bitcoin, the economist has said<\/a> in the past that central banks fuel wealth loss and the world could use less of them. However, Hanke is a fan of the creation of currency boards, which essentially leverages monetary authority to maintain a fixed exchange rate with foreign currencies.<\/p>\n

In more recent times, Hanke has said<\/a> that \u201cprivate, digital money is nothing new. Most money has been produced privately and in a digital form for decades,\u201d Hanke claims. In an opinion editorial<\/a> published via the National Review, Hanke stressed that \u201cthe case for crypto as a driver of innovation is thin.\u201d<\/p>\n

What do you think about Salvadoran president Nayib Bukele provoking Steve Hanke to respond? Do you agree with Nayib Bukele or do you agree with the economist Steve Hanke? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nNews, Bitcoin (BTC), Bitcoin adoption, bonds, BTC, BTC adoption, Central Banks, Crypto, Cryptocurrency, Currency Boards, economics, Economist Steve Hanke, Economy, El Salvador, Erik Vorhees, Johns Hopkins University, Latin American country, Nayib Bukele, President Bukele, Steve Hanke<\/p>\n","protected":false},"excerpt":{"rendered":"

On October 15, the day bitcoin\u2019s price surpassed the $60K per unit handle, Salvadoran president Nayib Bukele taunted the professor of applied economics at Johns Hopkins University, Steve Hanke, over his recent statements. At the time, the well known economist warned that El Salvador faces \u201cfinancial ruin\u201d with \u201cBukele at the helm,\u201d after El Salvador\u2019s…<\/p>\n","protected":false},"author":0,"featured_media":13283,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13282"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13282"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13283"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}