Nobel Prize winning economist and New York Times columnist Paul Krugman is questioning crypto’s tangible value in a piece written for the New York Times. He’s calling cryptocurrency a Ponzi Scheme.
Krugman is a self-described “crypto skeptic” who doesn’t believe in Bitcoin. Krugman say’s “he does not see a day when digital tokens will become as readily adopted for daily transactions by the masses.” This makes him wonder what are digital assets really worth.
“By the time a technology gets as old as cryptocurrency, we expect it either to have become part of the fabric of everyday life or to have been given up as a nonstarter,” he says. Then he ask the question, “why are people willing to pay so much to invest in digital tokens that don’t seem to do anything.”
Prediction: this will get a lot of hate mail. The cult must not be mocked https://t.co/IK03DXgLKD
— Paul Krugman (@paulkrugman) May 21, 2021
Well, remember what Krugman predicted in the pass? This is the same Paul Krugman who predicted back in 1988, that the internet was economically unimportant. Well, that prediction didn’t turned out very well.
Paul Krugman, the award winning economist who told us the internet was economically unimportant now says the same about crypto.
Clearly we're on the right path! https://t.co/YscYl5lUYn pic.twitter.com/4V1eLcDDix
— Adam Cochran (adamscochran.eth) (@adamscochran) May 21, 2021
Cryptocurrency investors will admit that it’s been a chaotic week with bitcoin dropping some 30%. However, no one is suggesting that cryptocurrency is a Ponzi Scheme. Krugman is becoming more popular, and more famous due to his wrong predictions.
I guess they really just give out those nobel prizes to anyone these days, but if anyone deserves a Nobel Prize it should be given to Satoshi Nakamoto, the creator of Bitcoin.
