Bitcoin

Nobel Prize Winning Economist Paul Krugman Slams Donald Trump Over Bitcoin Adoption, Says BTC ”Useless”

Published

3 months ago

August 6, 2024

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Nobel laureate Paul Krugman has slammed Republican presidential contender Donald Trump and his decide for vice chairman JD Vance over their pro-crypto stance.

“The reality is that Bitcoin, which was launched 15 years in the past, an eon in tech time, stays economically ineffective,” mentioned Krugman in his opinion column within the New York Instances. “A few exceptions to its uselessness are cash laundering and extortion.”

Paul Krugman Says Crypto ”Largely A Ponzi Scheme”

In latest months, Trump has made a collection of pro-crypto remarks, together with attending the Bitcoin 2024 convention to woo the US crypto group.

Krugman expressed doubt over Trump’s sudden change of coronary heart over crypto after he had beforehand referred to as Bitcoin a “rip-off.”

He additionally criticized Trump’s plan for a nationwide Bitcoin stockpile, saying it might be ”a authorities bailout for a scandal-ridden, value- and environmentally-destroying trade.” Crypto is ”largely a Ponzi scheme,” he added.

Krugman’s feedback come as Trump mentioned his marketing campaign had obtained $25 million in Bitcoin and different crypto donations.

🇺🇸TRUMP: We’ve got raised greater than $25 MILLION from #Bitcoin and crypto donations.

— Bitcoin Archive (@BTC_Archive) July 27, 2024

Discontent Amongst Democrats

Round 14% of the US grownup inhabitants owns crypto, making it a big demographic within the ongoing presidential marketing campaign.

Trump’s technique to woo these voters has induced unease within the Democratic Get together. Just lately, a number of Democratic politicians wrote to the get together’s Democratic Nationwide Committee (DNC) urging it to desert its anti-crypto insurance policies.

BREAKING: Democrat politicians have written a letter to the DNC, asking the get together to pivot away from the anti-bitcoin insurance policies of Elizabeth Warren.

That is seemingly in response to polling information, the GOP pro-bitcoin insurance policies, and President Trump talking at @TheBitcoinConf pic.twitter.com/GSvZQAjOCu

— Pierre Rochard (@BitcoinPierre) July 27, 2024

The DNC letter urged the get together to begin adopting pro-crypto language as a option to counter the Republican Get together’s pro-crypto coverage platform.