Paul Krugman: 300 Years of Monetary Evolution Erased by Cryptocurrency Nobel Economist Paul Krugman believes that digital money creates obstacles that were destroyed centuries ago American economist has taken another swing bitcoin, arguing that the prominent cryptocurrency, as well as its peers, represents a 300-year economic regression and will “likely” experience a “total collapse.” Writing in his regular New York Times column, Krugman — who has at various times published articles lambasting bitcoin as “evil” and “the long cryptocon” — lays out a case for why his continued skepticism towards cryptocurrency is justified. Krugman also said that money revolution came a long way to simple transaction and current debit and credit system and digital transaction are based on it. Crypto enthusiasts represent a 300-year economic regression and create problems that have been already solved. He emphasized that central bank are doing their job well. They provide simple tools and purchasing power. However, the governments usually abuse their rule to issue more money. Bitcoin is needed to criminals for money laundering in particular, Krugman says. High value notes have a big advantage compare to digital money, their value is based on lower value notes. Cryptocurrency does not have any link to reality. Its price depends on the expectations. Bitcoin will lose its value as soon as speculators understand that it didn’t have any from the first place. |
