Analyst pushes back on Steve Hanke’s claim that Bitcoin has no value

Bitcoin’s pullback sparked new debate after Steve Hanke called the asset “highly speculative” and worthless.

Bitcoin’s latest pullback has reignited a long-running argument over whether the asset has any real value, after economist Steve Hanke dismissed it earlier today as having a “fundamental zero value” on X.

The comment came during a volatile session that saw BTC fall to the mid-$80,000s, drawing sharp pushback from analysts and crypto figures who suggested those who rated OG’s digital assets based on the market turmoil were missing the bigger picture.

Analysts Push Back as Bitcoin Drops Below $90,000

Hanke, a Johns Hopkins professor, made his comments during a period of notable tension for cryptocurrencies. After several weeks of weakening from October highs, Bitcoin’s price briefly hit a two-week low near $85,100 yesterday, according to market data.

“BITCOIN = A VERY SPECULATIVE ASSETS WITH NO FUNDAMENTAL VALUE,” says the frequent crypto critic posted on X.

On-chain analyst Axel Adler Jr. responded quickly: calling Hanke’s assessment is “absolutely incorrect” and states that Bitcoin is in a correction after years of growth and is transitioning to “a key element of the global financial system.”

Others framed the debate around trust and monetary history, together with trader Carpe_Diem to compare the cryptocurrency’s perceived lack of value relative to fiat money, indicating a long-term loss of purchasing power in the US dollar.

“Oh. You mean, like that fiat currency we call the US dollar?” they asked, posting a graph showing the dollar’s 86% loss of purchasing power since 1972.

At the same time as the price drop, network data from December 9 to 14 showed a series of sharp daily declines in Bitcoin’s estimated hashrate, with a total drop of up to 12.8%. However, Adler warned that network statistics alone cannot corroborate explanations for the incident circulating in the press, including reports of mining closures in China.

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Market value, macro pressures and the larger debate

Price action has strengthened the argument on both sides. At the time of writing, Bitcoin is down around 3.4% over the past 24 hours, while still continuing to perform below its late November highs near $100,000.

Ethereum fell below $3,000 during the same period, while major altcoins such as XRP, Solana and Cardano also posted short-term losses. The sell-off coincided with $210 million in liquidations within an hour, as reported by CryptoPotato, highlighting how leveraged positioning amplified the move.

Proponents argue that market value itself calls into question the claim of “zero value.” Swan Bitcoin quoted Analyst Checkmate on December 15 noted that more than $1 trillion of capital has flowed into Bitcoin as a savings vehicle.

Commentator Daniel Tschinkel added that focusing solely on price ignores Bitcoin’s global payment network and resistance to control.

Still, skeptics have pointed to tighter financial conditions and fragile technical levels, with some analysts now warning that delayed US rate cuts could continue to put pressure on risky assets until early 2026, and that the bearish scenarios could push BTC much lower before there is any sustained recovery.

For now, the clash between traditional economic theory and Bitcoin’s growing role in the markets shows no signs of fading, especially when sharp price drops give critics new talking points.