• This is hilarious: Bitcoin denier Steve Hanke is now interested in Ethereum

  • Is Steve Hanke finally out of the hole he’s been digging for himself for years? With nearly 13 years of failed predictions, the economist holds the world record for the person with the most terrible Bitcoin predictions. And now, seemingly out of nowhere, he appears to like the world’s second most valuable cryptocurrency by market capitalization. But what does he like about Ethereum? Of course, the “560 percent price increase this year.” But wait, there’s more…

    Ethereum is giving Bitcoin a run for its money. Ethereum has become increasingly popular amongst DeFi and NFTs, resulting in a 560% price surge this year. Has the look of a bubble. But, is it?https://t.co/2fkvuNoRWz— Steve Hanke (@steve_hanke) November 12, 2021

    Is Steve Hanke interested in NFTs? “Ethereum has become increasingly popular amongst DeFi and NFTs,” the man stated flatly. “Ethereum is giving Bitcoin a run for its money,” he added, which is the most positive thing Steve Hanke has said about Bitcoin in over a decade. And, at the end, he leaves room for plausible deniability, saying, “Has the appearance of a bubble.” Is it, however?”

    The economist also includes a link to a very basic and clumsy CNN article. Is Steve Hanke becoming more interested in cryptocurrencies? Is there another dynamic at work here?

    The Article Steve Hanke Mentioned

    This unremarkable article doesn’t say much. Its main message is likely to be the price action that anyone reading NewsBTC is already familiar with.

    “Ethereum, or ether for short, is also trading at all-time highs.” It’s now worth around $4,850, having risen more than 560 percent this year, compared to bitcoin’s “mere” 135 percent rise. Crypto investors believe that ether will continue to be used as the foundation for even more non-fungible tokens, or NFTs, and so-called smart contracts.”

    So, what else do you have in store for us? It’s not much. It’s strewn all over the place. It deconstructs the total cryptocurrency market capitalization, introduces the mythical “flippening,” and attempts to steer people away from meme coins. CNN quotes Paxfull’s Ray Youssef as saying, “The difference between ether and bitcoin versus meme coins is like the difference between blue chips and penny stocks you get a call about from a guy in a boiler room.” The article also discusses inflation, because how could it not?, and introduces ETFs into the mix.

    “The rise of bitcoin ETFs may also be good news for ethereum, as experts predict that similar ether ETFs will be launched soon.” This will make it even easier for average investors and large money management firms to invest in cryptocurrency.”

    Overall, it doesn’t say much, and the only clear fact it presents is that Ethereum outperformed Bitcoin in 2018. So, why did Steve Hanke link to it?

    Is Hanke attempting to locate a lifeboat?

    Hanke now appears to be a fan of Ethereum. Why? Is it because Ethereum’s internal policies resemble those of the traditional banking system to which he is accustomed? Or has Hanke realized that cryptocurrencies are here to stay and is too afraid to admit he was wrong about Bitcoin all along?

    In any case, the main reaction in his responses thus far has been mockery. Udi Wertheimer, a well-known Ethereum supporter, stated, “this is the most bearish ethereum signal I’ve ever seen in my entire life.” Keep an eye on Hanke’s Twitter feed to see what the economist has to say about Ethereum in the coming days. This is going to be fascinating.

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