Steve Hanke
Resolved (3)
- ✓
So much for Bitcoin being 'digital gold.' BITCOIN = A HIGHLY SPECULATIVE ASSET WITH NO FUNDAMENTAL VALUE. (Bearish reaction posted as BTC fell to ~$90k from its $126k October 2025 ATH and turned negative year-to-date.)
“So much for Bitcoin being 'digital gold,' ... BITCOIN = A HIGHLY SPECULATIVE ASSET WITH NO FUNDAMENTAL VALUE”
Bearish at $94,184 after the $126k ATH; BTC fell to $58,161 (low $58,000), only bouncing to $97,964 — downtrend continued as he implied.
- ✓
Companies swapping productive investments for bitcoin 'treasuries' are playing roulette. Bitcoin and ethereum treasuries have no business model because BTC has no fundamental value. Eventually no one will loan against crypto collateral. But right now there are foolish lenders who will.
“Companies swapping productive investments for bitcoin 'treasuries' are playing roulette. Bitcoin and ethereum treasuries have no business model because BTC has no fundamental value. ... Eventually no one will loan against crypto collateral. But right now there are foolish lenders who will.”
Directionally bearish call from $119,864; BTC collapsed to $58,161 by as_of with no sustained loaning-against-crypto thesis vindication, low $58,000 — the bear case played out.
- ✓
What goes up must come down, and #Bitcoin certainly isn't exempt from this law. #BTC's extreme volatility & speculative nature serve as reminders of the up and down law. (Bearish crash call; BTC ~$51.5k at the time.)
“What goes up must come down, and #Bitcoin certainly isn't exempt from this law. #BTC's extreme volatility & speculative nature serve as reminders of the up and down law.”
Bearish 'what goes up must come down' call at ~$51,494; BTC subsequently crashed to a $15,460 low in the 2022 bear market.