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\n\t\t\t\t\t\t\t\t\tBitcoin\u2019s pullback sparked fresh debate after Steve Hanke called the asset \u201chighly speculative\u201d and valueless.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
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<\/blockquote>\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 <\/p><\/div>\n\n
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Market Value, Macro Pressure, and the Bigger Debate<\/h2>\n
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