Mike Novogratz challenges Steve Hanke after the top economist bashes bitcoin as a ‘fool’s game’

Mike Novogratz, a crypto billionaire, and Steve Hanke, a top economist, have engaged in a Twitter debate about bitcoin.

Hanke’s critique of the largest cryptocurrency in the world as a “fool’s play” has been rebuffed by Galaxy Digital CEO.

“Bitcoin” is not a currency, but a highly speculative asset. This cryptocurrency will continue to be plagued by unreliability, instability, and fraud. Don’t fall for it, buying Bitcoin is a fools game,” Hanke stated in a Tuesday tweet.

Novogratz replied, “Steve it has outperformed every asset ytd over 2 years and 3 year on a risk adjusted (sharpe ratio). It’s been more secure than JPM or Google. You can run the numbers yourself.

Novogratz is a long-time crypto bull. He predicted that the token’s price would eventually reach $500,000 within five years. In a conference call on Tuesday, Novogratz said that he was shocked by the US’s decision to clamp down on crypto, not AI.

As bitcoin enjoys its best quarter since 2008, investors are increasingly embracing it as an option to traditional financial assets. Since March, it has risen by nearly 40%.

Bitcoin has risen by 6% over the past 24 hours and is currently trading at $28,399.28 according to CoinMarketCap.

Hanke is right to point out that not all people are on board with bitcoin. The SEC also warned that crypto assets could cause significant losses and are risky and speculative. The SEC stated that only money you can afford lose completely should be put at risk by any speculative investment.