Steve Hanke, professor of applied economics at Johns Hopkins University, has claimed that Bitcoin is not a cryptocurrency, but merely a high-risk asset with no fundamental value.
This statement was accompanied by a cartoon mocking the asset. However, Julian Hosp, CEO of Cake’s DeFi protocol, has argued that Bitcoin does have utility, and therefore cannot be seen as having zero value:
“Bitcoin has utility. One can argue about this endlessly, but it is definitely not equal to zero. Undoubtedly, there are people who need its usefulness. After all, it’s really rare. Therefore, your statement that Bitcoin has zero value is 100% wrong.”
Parker Evans, a financial analyst, added that the first cryptocurrency only has three functions: money laundering, extortion and tax evasion.
