Main navigation

Nobel Laureate Paul Krugman Says Bitcoin Cult Can Survive "Indefinitely"

News
Wed, 05/19/2021 - 18:52
article image
Alex Dovbnya
Paul Krugman claims that he will no longer be predicting Bitcoin's "imminent demise"
Nobel Laureate Paul Krugman Says Bitcoin Cult Can Survive "Indefinitely"
Cover image via en.wikipedia.org
Read U.TODAY on
Google News

After trashing Bitcoin since its very inception, Nobel Prize-winning economist Paul Krugman has now given up on predicting its “immediate demise,” according to his new tweet.     

Krugman believes that the cult-like digital currency will always be able to find new believers who will make sure that it survives indefinitely:

But I've given up predicting imminent demise. There always seem to be a new crop of believers. Maybe just think of it as a cult that can survive indefinitely.

Krugman has reiterated his view about Bitcoin being the combination of  “libertarian derp” and “technobabble,” claiming that it has no legal use cases design being around since 2009.

Related
Elon Musk Says Tesla Has Diamond Hands, Pushing Bitcoin Sharply Higher
Krugman—who emerged as one of Bitcoin’s harshest naysayers back in 2011—tends to take a victory lap when the cryptocurrency is under severe pressure.   

For instance, he tweeted about “libertarian derp” on Dec. 14, 2018, when the top coin was bottoming out at the $3,200 level.

Earlier today, Bitcoin plunged to $30,000 before seeing a strong bounce.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.