Nobel Prize winner in Economics Robin Krugman has made a scathing critique of Bitcoin (BTC) in an op-ed in the New York Times. He believes that BTC has no utility beyond cryptocurrencies, and that Donald Trump's support for the ecosystem is unjustified. What are his arguments?
Nobel Prize Winner in Economics Criticizes Bitcoin and Donald Trump
Paul Krugman, an economist and Nobel Prize winner in Economics, analyzed the arrival of Donald Trump's running mate, JD Vance, on the front stage in an op-ed published this Monday. He notes that the links with the world of Tech and in particular cryptocurrencies, has undoubtedly favored the arrival on the front of the stage of Donald Trump's new right-hand man.
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But for the Nobel Prize in Economics, Bitcoin has virtually no interest beyond its own ecosystemwhich is why he believes that Donald Trump's strategy is losing:
“Bitcoin, which was introduced 15 years ago, an eternity in the tech world, remains economically useless.
Paul Krugman cites a 2022 study, which showed that crypto-assets were very little used for payments outside the ecosystem. He also mentions the use of BTC for illegal acts.
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Trump, a shaky choice for the ecosystem according to Paul Krugman
In his column, The Nobel Prize winner in Economics also notes Donald Trump's limited knowledge of cryptocurrencies, according to him.who seems to see it mainly as a way to raise money. Paul Krugman thus criticizes a proposed law to add Bitcoin to the reserves of the country's central bank:
“Trump went even further than his own platform, calling for the creation of a national Bitcoin reserve – a government bailout for an industry that is racking up scandals and destroying both value and the environment.
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Paul Krugman's particularly strong criticism of Bitcoin and Donald Trump clearly shows that the former president of the United States is now clearly associated with cryptocurrencies in the minds of voters. This explains why a part of the ecosystem has shown, more or less, support for the Republican candidate.
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Source: New York Times
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