After Bitcoin’s price skyrockets, Salvadoran President Nayib Bukele taunts Economist Steve Hanke.

On October 15, the day bitcoin’s price reached the $60K per unit mark, Salvadoran President Nayib Bukele mocked Johns Hopkins University professor of applied economics Steve Hanke for his recent utterances. At the time, the well-known economist warned that El Salvador risks “financial ruin” with “Bukele at the helm,” after El Salvador’s president purchased bitcoin at a low price.

When El Salvador embraced bitcoin (BTC) in the first week of September, on the first day the law was passed, the fiat value of BTC plummeted dramatically. At the moment, Salvadoran President Nayib Bukele assured his Twitter followers that his government was “buying the dip,” adding 150 BTC to its stockpile. Meanwhile, Steve Hanke, a Johns Hopkins University professor of applied economics, attacked the Salvadoran president and tagged him in a Twitter tweet on September 23.

Meanwhile, the main crypto asset bitcoin (BTC) saw a drop in price in September, but as the month progressed into October, BTC’s price soared. On October 15, Bukele chose to retweet Hanke’s message from September 23 and add his own comment. “You were saying?” Bukele mockingly inquired of the well-known economist. During the previous 24 hours, BTC has been hovering above the $60K price level.

Hanke Says ‘Private, Digital Money Is Nothing New,’ and Claims ‘the Case for Crypto as a Driver of Innovation Is Thin’

Hanke stated at the time that he didn’t believe it was a smart idea for the Latin American country to accept bitcoin as legal money, and that the choice might “completely collapse the economy.” Despite his reservations about bitcoin, the economist has previously stated that central banks exacerbate wealth loss and that the world might need less of them. Hanke, on the other hand, supports the establishment of currency boards, which basically use monetary power to maintain a fixed exchange rate with foreign currencies.

Hanke has recently stated that private, digital money is nothing new. Hanke believes that most money has been created privately and in digital form for decades. Hanke stated in an opinion column published by the National Review that “the case for crypto as a driver of innovation is thin.”