A sharp critique of crypto treasury strategies is casting a shadow over bitcoin’s record surge, igniting fresh skepticism from influential economists and market commentators. American economist and professor of applied economics Steve Hanke stated on social media platform X on July 14:

Companies swapping productive investments for bitcoin ‘treasuries’ are playing roulette. Bitcoin and ethereum treasuries have no business model because BTC has no fundamental value.

Hanke, who teaches at Johns Hopkins University, has consistently questioned bitcoin’s legitimacy as an asset, often describing it as speculative and fundamentally worthless.

His latest remarks aligned with economist and gold advocate Peter Schiff, who criticized the entire rationale behind crypto treasury firms. On July 10, Schiff stated on X: “The logic behind bitcoin or ethereum treasury companies is to take advantage of foolish investors who are willing to pay larger premiums to buy stock in companies with no real business model. The problem is the fools looking to take advantage of other fools are fools themselves.” Concurring with Schiff, Hanke wrote that Schiff “is spot on.”

In other recent posts, Hanke argued that the financial system’s support for crypto lending is unsustainable:

Eventually no one will loan against crypto collateral. But right now there are foolish lenders who will.

Despite crypto’s recent upswing, marked by bitcoin hitting new highs, critics argue that enthusiasm is disconnected from value fundamentals. Hanke has repeatedly warned of bitcoin’s speculative nature, sharing posts since March describing it as “fool’s gold” and equating it to “zero fundamental value.” Still, supporters see an alternate narrative: digital assets offer hedge potential, blockchain transparency, and long-term utility. Firms adopting bitcoin treasuries often point to inflation protection, institutional acceptance, and sovereign independence as counterarguments to these critiques.

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