Renowned economist Steve Hanke criticized the legalization of Bitcoin in El Salvador and questioned bitcoin's performance in everyday trading.

Steve Haneke, a professor of applied economics at John Hopkins University, warned that recent news about the legalization of Bitcoin in El Salvador as an official asset would destroy the country's economy, the Kevin Telegraph reported.

Steve Haneke served for a year as chief economist, in president Ronald Reagan's administration. He had previously described Bitcoin as a speculative asset "with a fundamental zero value."