Krugman Skeptical About Crypto, Predicts Collapse
Wednesday, August 1, 2018 at 09:46PM
Gold Prices

 

Authored by Max Yakuboeski via CoinTelegraph.com,

Nobel Prize winning economist Paul Krugman has expressed his skepticism about the value of cryptocurrencies in a New York Times Opinion piece published July 31.

Krugman, who was awarded the Nobel Prize in Economic Sciences in 2008, explains his position as a “crypto skeptic” by noting the high transaction costs and an “absence of tethering” associated with cryptocurrencies.

Krugman describes how the history of money has been slowly moving away from gold and silver coins, to banknotes, and now to credit cards and other “digital methods,” all of which served the purpose of making purchases less costly.

According to Krugman, those that celebrate cryptocurrency - which he notes has a relatively high cost of doing business - are thus “effectively celebrating the use of cutting-edge technology to set the monetary system back 300 years.” Krugman further poses the query:

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