RATE Group | Paul Krugman: Bitcoin Will “Set the Monetary System Back 300 Years”
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Paul Krugman: Bitcoin Will “Set the Monetary System Back 300 Years”

31 Jul Paul Krugman: Bitcoin Will “Set the Monetary System Back 300 Years”

Posted at 20:11h in Ethereum News by

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Bitcoin (BTC)–Bitcoin is again in the headlines being criticized by a Nobel Prize winning economist. Paul Krugman, one of the most accoladed and celebrated economists of our time, has again written in his contribution to The New York Times that Bitcoin fails to constitute money, but could also be responsible for erasing much of the monetary innovation created over the last three centuries.

While most proponents within the industry of cryptocurrency would argue that the technology of blockchain, driving a decentralized currency, constitutes significant innovation to the stagnated landscape of banking and finance, Krugman has found fault with that assumption. Krugman forms his argument around the  movement of the finance industry towards friction-less payments systems, a concept he finds Bitcoin to be eroding. As opposed to debit and credit cards, which charge a premium to bank merchants but provide consumers with a seamless payment system, Bitcoin and most cryptocurrencies…

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