Analyst pushed back on Steve Hanke’s claim that Bitcoin is worthless

Bitcoin's pullback has sparked fresh debate after Steve Hanke called the asset “highly speculative” and worthless.

Bitcoin's recent pullback reignited a long-running debate over whether the asset has any real value, with economist Steve Hanke dismissing it as having “zero fundamental value” on X earlier today.

The comments came amid a volatile session that saw BTC dip towards the mid-$80,000s, drawing from analysts and crypto figures who suggested that those judging the ag digital asset based on market volatility were missing the bigger picture.

Analysts push back as Bitcoin slides below $90k

Hanke, a professor at Johns Hopkins, made his comments amid heightened pressure for cryptocurrencies. After several weeks of weakness at the October peak, Bitcoin price briefly touched a two-week low near $85,100 yesterday.

“BITCOIN = HIGHLY SPECULATIVE ASSET WITH ZERO FUNDAMENTAL VALUE,” frequent crypto critic posted on X.

Chain analyst Axel Adler Jr. was quick to respond, calling Hanke's assessment “absolutely incorrect,” arguing that bitcoin is in a correction after years of growth and is moving into a “key part of the global financial system.”

Others have framed the debate around faith and the history of money, with trader Carpe_Dim comparing cryptocurrency prices to a shortage of fiat money, indicating a long-term lack of purchasing power in the US dollar.

“Uh, like that fiat currency, shall we call it the US dollar?” They asked by posting a chart showing the dollar's 86% purchasing power loss since 1972.

At the same time as the price drop, network data from December 9-14 showed a series of sharp daily drops in Bitcoin's estimated hashrate, totaling up to 12.8% drops. However, Adler cautioned that network metrics alone, including reports of mine closures in China, cannot confirm explanations for the phenomenon being circulated in the press.

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Market value, macro pressure and the biggest debate

Price action has added weight to the debate on both sides. At the time of writing, Bitcoin is down 3.4% in the last 24 hours, while continuing to perform well near $100,000 in late November.

Ethereum fell below $3,000 in the same window, while major altcoins such as XRP, Solana and Cardano also posted short-term losses. CryptoPotato reported that the sale coincided with a liquidation of $210 million in one hour.

Proponents argue that market value itself challenges the “zero value” claim. Swan Bitcoin cited analyst Checkmate on December 15 as saying that more than $1 trillion of capital has flowed into bitcoin as a safe haven.

Commentator Daniel Chinkel added that focusing solely on price ignores Bitcoin's global payment network and regulatory resistance.

Still, skeptics point to tightening financial conditions and weak technical levels, some analysts now warn that a delayed US rate cut could put pressure on risk assets as early as 2026, and bearish conditions could push BTC too low before any sustained recovery.

For now, the clash between traditional economic theory and Bitcoin's growing role in markets shows no sign of abating, especially as the sharp decline gives critics hot talking points.