RATE Group | Paul Krugman Admits Bitcoin Has More Utility Than ‘Dead’ Gold
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Paul Krugman Admits Bitcoin Has More Utility Than ‘Dead’ Gold

20 Aug Paul Krugman Admits Bitcoin Has More Utility Than ‘Dead’ Gold

Posted at 23:10h in Bitcoin News by

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US economist Paul Krugman appeared to soften his stance on Bitcoin last week in a surprise twist, saying he believes the cryptocurrency “has more utility than gold.”

Krugman: Bitcoin ‘Has Some Chance To Be Valuable’

Speaking at the ChainXChange conference in Las Vegas, which ran August 13 – 15, Krugman, who had previously made a name for himself as a Bitcoin skeptic, even forecast a future in which Bitcoin has “value” as an entity.

“Gold is dead… Bitcoin has more utility than gold,” he said during a panel featuring infamous Bitcoin bulls including Fundstrat Global Advisors’ Tom Lee.

There is some chance for Bitcoin to be valuable in the future.

Prior to the somewhat unexpected vote of confidence in Bitcoin, Krugman had made headlines at the end of July after he paradoxically likened Bitcoin’s technology to “setting the monetary system back 300 years.”

His words produced a flurry of both press coverage and criticism from cryptocurrency figures, Nick Szabo…

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