Eminent economist Paul Krugman recently expressed his skepticism about Bitcoin, calling it “economically useless.” He believes that Bitcoin and other cryptocurrencies lack the intrinsic value of traditional currency and have yet to prove their worth in the global economy. He disapproves of the fact that Bitcoin has a set limit and is not controlled by any central authority, which makes it more susceptible to market fluctuations and less reliable as a means of exchange.
Krugman’s criticism was sparked by a tweet from JD Vance, the author of “Hillbilly Elegy,” who discussed Bitcoin’s potential to act as a hedge against inflation during the Trump administration. Krugman argued that such claims about Bitcoin’s utility are unfounded, as it is not a stable store of value. This argument, however, has met with a lot of backlash from the crypto community who believe in the potential of Bitcoin as a decentralized currency. Despite the controversy, the debate continues about the future role of Bitcoin in the global economy.
