Paul Krugman changes his mind about BTC

Paul Krugman is one of those economists who have hung Dogs on Bitcoin almost for days. It has not even been a month since his very critical statement about digital currencies. It is even more surprising that during the last blockchain conference he suggested that the main cryptocurrency has a much higher utility than gold.

King is dead long live the king!

The ChainXChange conference turned out to be a great event for the bear market. You could meet her there Tom Lee from Fundstrat Global Advisors, whom you can associate with his bullish predictions.

Perhaps that is why, due to the character of the event, Krugman decided that it should be liked by the participants. During the debate on the cryptocurrency, he stated that “gold has died. Bitcoin has more utility than gold currently has. ”

Earlier, the economist recognized Bitcoin as “300-year evolutionary regression.” He emphasized that “enthusiasm for cryptocurrencies seems very strange, because it is exactly the opposite of the long-term trend.” According to him, BTC supporters want to use state-of-the-art technology to set up a monetary system from three centuries ago.

However, it was not uncommon from his speech that he did not quite understand the very idea of ​​Blockchain and digital currencies.

Split among economists

At present, there is a split in the economists’ environment regarding cryptocurrencies. The younger generation of experts sees an alternative to the current system in cryptocurrencies. The ball will be reflected by the older age-old Nobel Prize winners, who look at novelties by the primacy of theories from a few decades ago and do not see the need to change the principles of economy and economics in this respect.

In the beginning of August, in the face of Kremman’s statements about BTC, we asked for a comment by prof. Krzysztof Piech.

– All the same can be said about most national currencies – prof. Piech talked about a possible sudden decline in faith in BTC among the community – If the whole world doubted the value of the dollar, it would be worthless. Let’s see what’s going on in Venezuela when people lose their faith in the local currency …

As you can see, the look at cryptocurrencies depends largely on age. This is also due to the study of the digital currency community in Poland and the world. The topic is mainly interested in younger people, while for older people there may be a problem with understanding of technological issues. Perhaps hence the initial critical opinion about Bitcoin on the part of 65-year-old Krugman? What is your opinion?

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