Bitcoin\u2019s latest pullback has reignited a long-running argument over whether the asset has any real value, after economist Steve Hanke dismissed it as having \u201czero fundamental value\u201d on X earlier today.<\/p>\n
The comment landed during a volatile session that saw BTC dip toward the mid-$80,000 range, drawing sharp pushback from analysts and crypto figures who suggested that those judging the OG digital asset based on the market turmoil were missing the bigger picture.<\/p>\n
Hanke, a Johns Hopkins professor, made his comments during a period of notable strain for cryptocurrencies. After several weeks of weakening from October peaks, Bitcoin\u2019s price briefly hit<\/a> a two-week low near $85,100 yesterday, according to market data.<\/p>\n \u201cBITCOIN = A HIGHLY SPECULATIVE ASSET WITH ZERO FUNDAMENTAL VALUE,\u201d the frequent crypto critic posted<\/a> on X.<\/p>\n On-chain analyst Axel Adler Jr. was quick to react, calling<\/a> Hanke\u2019s assessment \u201cabsolutely incorrect\u201d and arguing that Bitcoin is in a correction after years of growth and is transitioning into \u201ca key element of the global financial system.\u201d<\/p>\n Others framed the debate around trust and monetary history, with trader Carpe_Diem comparing<\/a> the cryptocurrency\u2019s supposed lack of value to fiat money, pointing to long-term loss of purchasing power in the U.S. dollar.<\/p>\n \u201cOh. You mean, like that fiat currency we call the US Dollar?\u201d they asked, posting a chart showing the dollar\u2019s 86% loss in purchasing power since 1972.<\/p>\n At the same time as the price drop, network data from December 9-14 showed a series of sharp daily drops in Bitcoin\u2019s estimated hashrate, totaling drops of up to 12.8%. However, Adler cautioned<\/a> that network metrics alone cannot confirm explanations for the occurrence circulating in the press, including reports of mining shutdowns in China.<\/p>\n Price action has added weight to the argument on both sides. At the time of writing, Bitcoin was down around 3.4% over the past 24 hours as it continues to underperform its late-November highs near $100,000.<\/p>\n Ethereum slipped below $3,000 during the same window, while major altcoins such as XRP, Solana, and Cardano also posted short-term losses.\u00a0The sell-off coincided with $210 million in liquidations within an hour, as reported<\/a> by CryptoPotato, highlighting how leveraged positioning amplified the move.<\/p>\n Supporters argue that market value itself challenges the \u201czero value\u201d claim. Swan Bitcoin quoted<\/a> analyst Checkmate on December 15, noting that more than $1 trillion in capital has flowed into Bitcoin as a store of savings.<\/p>\n Commentator Daniel Tschinkel added that focusing only on price ignores Bitcoin\u2019s global payment network and resistance to control.<\/p>\n Still, skeptics have pointed to tightening financial conditions and fragile technical levels, with some analysts now warning<\/a> that delayed U.S. rate cuts could keep pressure on risk assets into early 2026, and the bearish scenarios could place BTC far lower before any sustained recovery.<\/p>\n For now, the clash between traditional economic theory and Bitcoin\u2019s growing role in markets shows no sign of fading, especially when sharp drawdowns give critics fresh talking points.<\/p>\n The post Analyst Pushes Back on Steve Hanke\u2019s Claim Bitcoin Lacks Value<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s latest pullback has reignited a long-running argument over whether the asset has any real value, after economist Steve Hanke dismissed it as having \u201czero fundamental value\u201d on X earlier today. The comment landed during a volatile session that saw BTC dip toward the mid-$80,000 range, drawing sharp pushback from analysts and crypto figures who […]<\/p>\n","protected":false},"author":0,"featured_media":120867,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-120866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/120866"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=120866"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/120866\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/120867"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=120866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=120866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=120866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Market Value, Macro Pressure, and the Bigger Debate<\/h2>\n