Confidently Misunderstanding Bitcoin Steve Hanke

Economist Steve Hanke of Johns Hopkins University is well-known in the Bitcoin community for posting innumerable variations of the same tweet — “Bitcoin is too volatile and has a fundamental value of 0.” (I suspect he still hasn’t read my essay on how to think about Bitcoin’s value.)

But in a recent opinion piece, “How Innovative Is Crypto?”, Hanke tried his hand at some new arguments. The essay is subtitled, “The case for crypto as a driver of innovation is thin.” In it, Hanke purports to show that cryptocurrencies aren’t that innovative. Here, I’ll show how he fails.