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International Business Times
International Business Times
Business
Marvie Basilan

Paul Krugman Says Bitcoin Is 'Economically Useless,' Crypto Users Blast Nobel-Winning Economist

Paul Krugman Bitcoin United States Crypto Donald Trump SEC
For Nobel Prize winner Paul Krugman, Bitcoin hasn't been useful for the economy. (Credit: Traxer/Unsplash)

KEY POINTS

  • Krugman criticized Donald Trump's plan for a US Bitcoin stockpile
  • He also said Bitcoin is only useful for money laundering and extortion
  • Krugman said after the FTX collapse that crypto will likely not survive regulation

The broader cryptocurrency community is known for its unity, and their deep-rooted convictions over the revolutionary technology was once again in full display after Nobel Prize-winning economist Paul Krugman said Bitcoin remains "economically useless" more than a decade since it emerged.

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