Fellow economist Tim Kehoe commented on Brooks' tweet about Bitcoin being a bubble asset. Kehoe agrees with Brooks that low interest rates can promote investment in assets with high risks, such as the flagship cryptocurrency. This is why he is thinking about asset bubbles in overlapping models with zero interest rates or their growth equivalents.
That said, he wants to further explore the link between low interest rates and investment in high-risk assets by collecting more data. Bitcoin's viability as a stand-alone asset class has long been a highly controversial topic in the world of finance. Crypto advocates see the flagship cryptocurrency as a legitimate investment and store of value. However, its naysayers argue that it is a speculative bubble that will inevitably burst.
Brooks' recent comments, as expected, ruffled the feathers of many cryptocurrency enthusiasts who were quick to dismiss his criticism in the comments.
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