{"id":558959,"date":"2024-07-31T15:46:01","date_gmt":"2024-07-31T15:46:01","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=558959"},"modified":"2024-07-31T15:46:01","modified_gmt":"2024-07-31T15:46:01","slug":"nobel-prize-winning-economist-paul-krugman-slams-donald-trump-over-bitcoin-adoption-says-btc-useless","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/nobel-prize-winning-economist-paul-krugman-slams-donald-trump-over-bitcoin-adoption-says-btc-useless","title":{"rendered":"Nobel Prize Winning Economist Paul Krugman Slams Donald Trump Over Bitcoin Adoption, Says BTC &#8221;Useless&#8221;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Nobel laureate Paul Krugman has slammed Republican presidential contender Donald Trump and his pick for vice president JD Vance over their pro-crypto stance.&nbsp;<\/span><\/p>\n<p>&ldquo;The truth is that Bitcoin, which was introduced 15 years ago, an eon in tech time, remains economically useless,&rdquo; said Krugman i<span style=\"font-weight: 400;\">n his <\/span><a href=\"https:\/\/www.nytimes.com\/2024\/07\/29\/opinion\/vance-trump-cryptocurrency.html\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">opinion column<\/span><\/a><span style=\"font-weight: 400;\"> in the New York Times<\/span>. &ldquo;A couple of exceptions to its uselessness are money laundering and extortion.&rdquo;<\/p>\n<h2><span style=\"font-weight: 400;\">Paul Krugman Says Crypto &rdquo;Largely A Ponzi Scheme&rdquo;&nbsp;<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In recent months, Trump has made a series of pro-crypto remarks, including attending the <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/everything-you-need-to-know-about-donald-trumps-momentous-bitcoin-2024-speech-in-nashville\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">Bitcoin 2024 conference<\/span><\/a><span style=\"font-weight: 400;\"> to woo the US crypto community.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Krugman expressed doubt over Trump&rsquo;s sudden change of heart over crypto after he had previously called Bitcoin a &ldquo;scam.&rdquo;&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He also criticized Trump&rsquo;s plan for a national Bitcoin stockpile, saying it would be &rdquo;a government bailout for a scandal-ridden, value- and environmentally-destroying industry.&rdquo; Crypto is &rdquo;largely a Ponzi scheme,&rdquo; he added.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Krugman&rsquo;s comments come as Trump said his campaign had received $25 million in Bitcoin and other crypto donations.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&#127482;&#127480;TRUMP: We have raised more than $25 MILLION from <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and crypto donations.<\/p>\n<p>&mdash; Bitcoin Archive (@BTC_Archive) <a href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1817293226006417750?ref_src=twsrc%5Etfw\">July 27, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><span style=\"font-weight: 400;\">Discontent Among Democrats&nbsp;<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Around 14% of the US adult population owns crypto, making it a significant demographic in the ongoing presidential campaign.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Trump&rsquo;s strategy to woo these voters has caused unease in the Democratic Party.&nbsp;<\/span><span style=\"font-weight: 400;\">Recently, several Democratic politicians wrote to the party&rsquo;s Democratic National Committee (DNC) urging it to abandon its anti-crypto policies.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: Democrat politicians have written a letter to the DNC, asking the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.<\/p>\n<p>This is likely in response to polling data,  the GOP pro-bitcoin policies, and President Trump speaking at <a href=\"https:\/\/twitter.com\/TheBitcoinConf?ref_src=twsrc%5Etfw\">@TheBitcoinConf<\/a> <a href=\"https:\/\/t.co\/GSvZQAjOCu\">pic.twitter.com\/GSvZQAjOCu<\/a><\/p>\n<p>&mdash; Pierre Rochard (@BitcoinPierre) <a href=\"https:\/\/twitter.com\/BitcoinPierre\/status\/1817219938672591310?ref_src=twsrc%5Etfw\">July 27, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The DNC letter urged the party to start adopting pro-crypto language as a way to counter the Republican Party&rsquo;s <\/span><a href=\"https:\/\/insidebitcoins.com\/news\/republicans-under-donald-trump-vow-to-end-unlawful-and-unamerican-crypto-crackdown-by-democrats\"><span style=\"font-weight: 400;\">pro-crypto policy <\/span><\/a><span style=\"font-weight: 400;\">platform.&nbsp;<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Also Read:<\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/hamster-kombat-promises-biggest-crypto-airdrop-in-history-targeting-uniswaps-massive-6-4-billion-record\"><span style=\"font-weight: 400;\">Hamster Kombat Promises Biggest Crypto Airdrop In History, Targets Uniswap&rsquo;s Massive $6.4 Billion Record<\/span><\/a><span style=\"font-weight: 400;\">&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/analysts-doubt-the-sec-doesnt-see-solana-as-a-security-despite-binance-lawsuit-climb-down-say-its-playing-politics-lawfare\"><span style=\"font-weight: 400;\">Analysts Doubt The SEC Doesn&rsquo;t See Solana As a Security Despite Binance Lawsuit Climb Down, Say It&rsquo;s Playing Politics, Lawfare<\/span><\/a><span style=\"font-weight: 400;\">&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/insidebitcoins.com\/news\/xrp-price-pumps-8-amid-optimism-over-sec-settlement-as-experts-say-this-p2e-dogecoin-might-be-the-best-crypto-to-buy-now\"><span style=\"font-weight: 400;\">XRP Price Pumps 8% Amid Optimism Over SEC Settlement As Experts Say This P2E Dogecoin Might Be The Best Crypto To Buy Now<\/span><\/a><\/li>\n<\/ul>\n                                        <div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p 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