Nobel Prize Winning Economist Paul Krugman Slams Donald Trump Over Bitcoin Adoption, Says BTC ”Useless”

On Jul 31, 2024

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Nobel laureate Paul Krugman has slammed Republican presidential contender Donald Trump and his pick for vice president JD Vance over their pro-crypto stance.

“The truth is that Bitcoin, which was introduced 15 years ago, an eon in tech time, remains economically useless,” said Krugman in his opinion column in the New York Times. “A couple of exceptions to its uselessness are money laundering and extortion.”

Paul Krugman Says Crypto ”Largely A Ponzi Scheme”

In recent months, Trump has made a series of pro-crypto remarks, including attending the Bitcoin 2024 conference to woo the US crypto community.

Krugman expressed doubt over Trump’s sudden change of heart over crypto after he had previously called Bitcoin a “scam.”

He also criticized Trump’s plan for a national Bitcoin stockpile, saying it would be ”a government bailout for a scandal-ridden, value- and environmentally-destroying industry.” Crypto is ”largely a Ponzi scheme,” he added.

Krugman’s comments come as Trump said his campaign had received $25 million in Bitcoin and other crypto donations.

🇺🇸TRUMP: We have raised more than $25 MILLION from #Bitcoin and crypto donations.
— Bitcoin Archive (@BTC_Archive) July 27, 2024

Discontent Among Democrats

Around 14% of the US adult population owns crypto, making it a significant demographic in the ongoing presidential campaign.

Trump’s strategy to woo these voters has caused unease in the Democratic Party. Recently, several Democratic politicians wrote to the party’s Democratic National Committee (DNC) urging it to abandon its anti-crypto policies.

BREAKING: Democrat politicians have written a letter to the DNC, asking the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.
This is likely in response to polling data, the GOP pro-bitcoin policies, and President Trump speaking at @TheBitcoinConf pic.twitter.com/GSvZQAjOCu
— Pierre Rochard (@BitcoinPierre) July 27, 2024