Shifting Tides in ‘Bitcoin has More Utility than Gold’ by Paul Krugman, Famed Economist
US Economist Paul Krugman Says Bitcoin Has More Utility than Gold
During a conference in Las Vegas between August 13 and 15, Krugman said that Bitcoin has a change of having value in the future. At the same time, he compared Bitcoin with Gold, saying that the latter is already dead.
At the event, other individuals and cryptocurrency experts were present, including Tom Lee.
These comments that Krugman gave are shocking in some way, because he said at the end of July that Bitcoin is ‘setting the monetary system back 300 years.’
There are other important figures that are giving mixed opinions about Bitcoin. We can mention the economist Robert Shiller, that admitted that he does not know what to make of Bitcoin. Later, he said that he ‘only halfway understands it.’
In the past, Krugman said:
“What problem is supposed to solve? We are using this clever algorithm to bring monetary economics back to the 17th century. The monetary system we have works pretty well.”
Bitcoin is now used by several companies all over the world, including banks that want to reduce transaction costs. At the same time, there is an important interest from Wall Street and other investors.