Nobel Economist Paul Krugman Outlines His Issues with Cryptocurrency

In a recent New York Times op-ed titled “Transaction Costs and Tethers: Why I’m a Crypto Skeptic” Nobel Prize winning economist Paul Krugman gave another explanation as to why he is a skeptic of the usefulness and future of cryptocurrencies.

Paul Krugman has been an Op-Ed columnist for the New York Times who writes the occasional article lambasting cryptocurrencies.  His articles on cryptocurrency frequently reference the Tulip Bulb mania that occurred in the 17th century, and don’t ever efficiently criticize, or even confront, the technology behind cryptocurrencies.  His criticisms are solely focused on the general concept of virtual currency, and his comments on the technology backing crypto at largely appears to be uninformed.

Nevertheless, as a distinguished economist, his opinion is valued by many and should be noted. In his latest Op-Ed piece, Krugman confronts what he sees to be the two biggest issues with cryptocurrencies – transaction costs and the absence of…