Paul Krugman on Bitcoin
The Nobel laureate wrote that Bitcoin is evil in 2013, when it cost about $750, and has returned to the subject on most of its rallies since.
Every Paul Krugman Bitcoin quote
Crypto Is For Criming
“It’s not digital gold — it’s digital Benjamins.”
Paul Krugman
Jul 31, 2018 · $7,727Why I’m A Crypto Skeptic
“Cryptocurrencies… Their value depends entirely on self-fulfilling expectations — which means that total collapse is a real possibility. If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless.”
NYTimes
Jan 30, 2018 · $10,035Bitcoin Is Basically A Ponzi Scheme
“Bitcoin, by contrast, has no intrinsic value at all. Combine that lack of a tether to reality with the very limited extent to which bitcoin is used for anything, and you have an asset whose price is almost purely speculative, and hence incredibly volatile.”
Seattle Times
Dec 16, 2017 · $19,343A Nobel Prize-Winning Economist Says Bitcoin Is A More Obvious Bubble Than Housing Was
“It’s got this mystique about it, because it’s some fancy technological thing that nobody really understands. There’s been no demonstration yet that it actually is helpful in conducting economic transactions. There’s no anchor for its value. You know, unlike pieces of paper with dead presidents on them, those are anchored by the fact that you can use them to pay taxes. There’s not anchor for bitcoin. But bitcoin has developed this mystique.”
Business Insider
Dec 27, 2013 · $747Bitcoin Is Evil
“Bitcoin is evil… so far almost all of the Bitcoin discussion has been positive economics—can this actually work? And I have to say that I’m still deeply unconvinced.”
The New York Times
Apr 13, 2013 · $93Paul Krugman: Bitcoins Would Have Been Considered Foolish By Adam Smith
“Now here we are in a world of high information technology — and people think it’s smart, nay cutting-edge, to create a sort of virtual currency whose creation requires wasting real resources in a way Adam Smith considered foolish and outmoded in 1776.”
Huffpost
How the predictions aged
Nobel laureate in economics and a New York Times columnist for 25 years. He has argued since 2013 that Bitcoin has no anchor to real value. The first entry here is from April 13, 2013, when Bitcoin was $93. The latest is from December 16, 2024, at $106,030. Bitcoin at the time of the most recent obituary in this database was about 829 times its price at the first criticism.