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Nobel Laureate: Bitcoin has no legitimate use


 

For Nobel Prize winner Paul Krugman, it is clear that Bitcoin (BTC) has no legitimate use.

Nobel Laureate Against Bitcoin

Well-known economist Krugman has started the new year with another blow to Bitcoin, claiming in a recent Twitter thread that Bitcoin has almost no legitimate uses.


Krugman believes that fiat currencies that go "to Hell" will create a number of other political and social problems that Bitcoin simply cannot solve.

Bitcoin proponents argue, however, that the economist's views are too short-sighted as he simply ignores the latest technological developments within the Bitcoin community.

He cited a Bloomberg Wealth article mentioning Hungarian-born billionaire Thomas Peterffy's recommendation to keep up to 3% of personal wealth in cryptocurrencies in case the fiat world collapses.

Peterffy believes that cryptocurrency prices could soar to millions or ultimately crash to zero, which is why a bettor is very conservative.

"I think it can go to zero and I think it can go to a million dollars."

Legendary hedge fund manager Ray Dalio, who has repeatedly called Fiat “rubbish”, also spoke out in favor of Bitcoin last year. Still, he recently made it clear that he is not an angry cop, but merely recognizes BTC as a means of diversification. Dalio sticks to his prediction that governments could potentially ban Bitcoin.

Last May, Krugman wrote that he had given up trying to predict the immediate demise of Bitcoin. He claimed his cult could go on indefinitely.

In a column published by the New York Times, Krugman wrote that BTC is a long-lived Ponzi scheme that can be compared to the bill orechestrated by Bernie Madoff.

Krugman argued that the value of BTC is being inflated by unsubstantiated claims about the impending demise of fiat money.

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