The Nobel Prize in Economics, Paul Krugman, expressed his doubts about the benefits that Bitcoin (BTC) produces in the real world, and opined that for him “Bitcoin has not worked in El Salvador”, who “has not managed” to promote cryptocurrency , despite having converted it into legal tender.
The Nobel Prize winner and also a columnist for the New York Times, made a series of opinions on his Twitter account, along with citing the study of the National Bureau of Economic Research (NBER), where he highlighted that Bitcoin “is not a priority” and countries like El Salvador have only “attracted an evangelical base”, despite questioning with arguments from skeptics.
Paul Krugman highlighted the following on his Twitter account:
“Bitcoin was introduced 13 years ago, an eternity in technological time. It has attracted a fanatical evangelical base, despite constant attacks from skeptics who wonder exactly what problem it solves. Skeptics are constantly told that they are just dinosaurs that don’t get it.”
In 2021, Krugman also used research conducted by representatives of the Federal Reserve and Yale University, where they claim that stablecoins They are not a new product and he asks that they be regulated, since he described them as a “modern version of free banking”.
Krugman is one of the most serious critics of Bitcoin
The Nobel Prize in Economics reaffirmed that BTC and other cryptocurrencies “have not found sufficient use in the real world” and that it does not seem that they are not going to replace the “old money” and noted that, despite the subsidies from El Salvador, Bitcoin is still not an accepted means of exchange in the country, since few people use it.
“In general, despite the legal tender status of bitcoin and the great incentives put in place by the government, cryptocurrency is largely not an accepted medium of exchange in El Salvador.” Most companies do not accept it; Few people use it.”
Finally, Krugman argues that cryptocurrencies and Bitcoin is only used by “fanatical evangelists” and exemplified that Venmo was launched the same year as BTC and the former is currently “ubiquitous”, while the cryptocurrency has only shown itself to be “a cult”, promoted by a few with “libertarian dreams”.
The latest NBER report highlights that so far 2022, almost no Chivo Wallet government ATMs and wallets have been installed in El Salvador, due to its low adoption and the almost general rejection of Bitcoin in the country, and also shows that most companies prefer US dollars for international trade and with suppliers.
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Nobel Laureate in Economics Paul Krugman Doesn’t See Success in Using BTC in El Salvador – BeInCrypto