In his recent Twitter post, Paul Krugman, states that he has done away with predicting and expecting the end of Bitcoin. He believes that the crypto community is in fact a “cult” whose followers are increasing no matter what happens.
Paul Krugman is an acclaimed economist who has also won Alfred Nobel Prize winner in 2008 in the field of economic sciences. He had compiled a detailed analysis relating to economic activity locations and trade patterns, which earned him the Nobel Prize. However, when he received that award, the next year, the world’s very first digital coin was invented. However, from day one, Krugman had been arguing against Bitcoin and criticized it for not having any fundamentals.
However, in the past week, something astonishing had taken place, which no one had expected, from the Nobel Prize winner. Krugman was witnessed posting a tweet in which he had informed that he would not be predicting any further regarding the demise of Bitcoin. In simple words, he has laid down his arms against Bitcoin and has come to believe that Bitcoin will continue to exist. He stated that he had given up against the crypto community, which has become a “cult” where thousands are joining the cult every day. He accepted his defeat and surrendered by suggesting that Bitcoin is going to live indefinitely, no matter what happens.
Yet he clarified that he can never ever become a Bitcoin fan nor he will reconsider his stance towards Bitcoin. He said that according to him, there is a genuine lack of fundamentality within Bitcoin, which is something he never ignores. He explained that he is an expert on economics and he is bound by his knowledge to avoid “speculation”, which is the whole basis of Bitcoin. He said that there is not a single economy that runs based on “speculation”. He continued by explaining that nor is there no currency that has super “volatility”.
Krugman further suggested Bitcoin that is a product of innovation and has been part of the world for a considerable time. However, since its launch, there has not been any commendable use of it, which is one of its major problems, said Krugman. Neither Bitcoin can be regarded as a stabilized store of value nor can it be termed as an accounting unit, opined Krugman.
In his recent onslaught towards crypto, he had also regarded crypto with a bogus crypto scheme in an article. The article was duly published in the top US magazine i.e. The New York Times. In this article, Krugman opined that twelve years have passed but still crypto has failed to play any crucial role in the global economic system. He said that the only use he has been able to determine is that some entities are accepting crypto as payment, stated Krugman.