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

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. 

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. 

The DNC letter urged the party to start adopting pro-crypto language as a way to counter the Republican Party’s pro-crypto policy platform. 

Also Read:

  • Hamster Kombat Promises Biggest Crypto Airdrop In History, Targets Uniswap’s Massive $6.4 Billion Record 
  • Analysts Doubt The SEC Doesn’t See Solana As a Security Despite Binance Lawsuit Climb Down, Say It’s Playing Politics, Lawfare 
  • XRP Price Pumps 8% Amid Optimism Over SEC Settlement As Experts Say This P2E Dogecoin Might Be The Best Crypto To Buy Now

Comments

Post a Comment

Popular posts from this blog

Has a 1% tax on Bitcoin holders been proposed by a U.S. Senator?

In the morning of Monday, April 22, Dennis Porter, the CEO, and co-founder of the Satoshi Action Fund, caused a stir on X as he shared a supposed letter sent by Senator Elizabeth Warren to President Biden. The letter detailed a proposed piece of legislation titled the ‘ Cryptocurrency Reporting and Wealth Tax Act ’ and urged its implementation. In the document, Senator Warren highlighted that digital assets present both opportunities and challenges but focused on the problems of taxing digital assets and enforcing existent rules in the crypto market. Picks for you 3 must-buy cryptocurrencies under $1 for this week 46 mins ago Losing faith in fiat? Central banks' gold accumulation hits historic level 1 hour ago Cronos unveils its Spring Odyssey campaign powered by Galxe 3 hours ago Google Gemini predicts Gold price for the end of 2024 3 hours ago As a result, the proposed act would introduce requirements for any individual or entity holdin...
Read more

Ethereum’s Rocky Road To $4,000: Will SEC Hurdles Derail Its Bullish Journey?

Image
Ethereum (ETH) stands at a crucial juncture, with its eyes set on the $4,000 price mark. Amid this ambitious pursuit, the digital asset faces a significant challenge that could influence its trajectory: scrutiny from the US Securities and Exchange Commission (SEC). Despite this potential regulatory hurdle, some analysts remain optimistic about Ethereum’s prospects. A detailed Analysis by Captain Faibik, a market watcher, highlighted a bullish pattern in ETH’s four-hour candlestick chart, suggesting that the $4,000 threshold is within reach. Related Reading: Market Alert: Ethereum Faces Potential Downfall As Dencun Upgrade Looms – Here’s Why Ethereum Eyes $4,000 Milestone This optimism stems from a descending wedge pattern observed by Faibik, indicating an end to Ethereum’s consolidation phase and signaling a possible price breakout. The technical Analysis paints a promising picture for Ethereum, suggesting that the asset could reclaim its l...
Read more

Is It Too Late To Buy SC? Shark Cat Price Soars 12% As This New AI Meme Coin Presale Blasts Past $1.2 Million

Image
The Shark Cat price rose 12% in the last 24 hours to trade at $0.1914 as of 02:45 a.m. EST on trading volume that dropped 40% to $20 million. This comes as the token gears up for its listing on the MEXC centralized exchange (CEX) today with SC/USDT starting its trading at 14:00 UTC. .@SharkCatSolana, a memecoin about a cat with a shark hat, is coming to #MEXCKickstarter 🚀 🗳Vote with $MX to share massive airdrops 📈 $SHARKCAT/USDT Trading: 2024-05-07 14:00 (UTC) Details: https://t.co/Wt64QirMBz Note: Due to another project with the token name SC being… pic.twitter.com/IUuY0KGkOC — MEXC_EN 🌎 (@MEXC_EN) May 6, 2024 Shark Cat Price Set To Rally Over The Bullish Pennant SCUSD Chart Analysis Source: Dexscreener.com The Shark Cat price soared to an all-time high (ATH) of $0.39 after its launch. The bulls have not been able to reclaim this resistance, as the SC price retraced in April to the $0.04073 support zone. SC has been able to...
Read more