Bitcoin is approaching its own Ragnarok, the Nobel Prize in Economics has assured

With less than a month to go until the end of a catastrophic year for cryptocurrencies that included, among other things in autumn Earth’s ecosystem and collapse exchange FTXcritical voices against these types of assets and their technologies are increasingly becoming stronger.

One of the last questions came only from a Nobel Prize in Economicsan american Paul Krugmanin 2008 Swedish award winner. In one of his last opinion columns New York timeagainst cryptocurrencies in general and Bitcoin in particular.

For academics, the term “crypto winter” used to refer to the cryptocurrency bear market is an understatement. “It’s looking more and more like Fimbulwinterquipped Krugman, referring to “endless winter” that in Norse mythology This is the prelude to Ragnarok, which is the end of the world..

In his view, this “apocalypse” It will be related not only to cryptocurrencies, but also to the whole idea of ​​organizing economic life around the famous blockchainbecause I think that The “romance with this technology” is coming to an end.

Criticism of Blockchain

In support of his statement, Krugman reminded that the shipping giant Maersk recently abandoned his blockchain-based business project. Also Australian Stock Exchange canceled his blockchain project and the same would have happened to the initiative he planned to develop Amazon Web Services.

“Everyone tells me that these protocols are incredibly ingenious. But the question I’ve never heard or seen a satisfactory answer to is:What purpose?“Why do many places have to handle a big book and basically carry it every time there’s a surgery?” Krugman wondered.

In this sense he thought that Bitcoin’s original goal is to “remove the need for trust”That way, “we wouldn’t have to worry about banks taking away customers’ money or governments artificially inflating their value.”

“But,” he added. banks rarely steal their customers’ assetsand cryptographic institutions more easily succumb to this temptation, and extreme inflation that destroys the value of money usually only occurs in the midst of political chaos“.

Bitcoin critics

Kruger is not the only major figure to be critical of Bitcoin and the cryptocurrency ecosystem. Former stockbroker and writer Nassim’s taleb, known as predicting 2008 foreclosure crisis, Last year, he assured that the price of cryptocurrency would eventually fall to zero..

Another persistent critic is a billionaire investor Warren Buffett. “Bitcoin has absolutely no unique value, it produces nothing. You can look at it all day long and little bitcoins or something like that don’t come through. It’s basically an illusion“, said the manager of Berkshire Hathaway in 2019 – this opinion is repeated to this day.

Bill Gates it has also been firing thick ammunition against cryptocurrencies and NFTs lately. He repeatedly commented that this type of investment does not pay off because “They don’t contribute anything to society, unlike other investments”and only that are based on the “dumbest theory”.


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