It will probably come as no surprise that Paul Krugman is a cryptocurrency critic. The Nobel-winning economist and New York Times columnist is a known skeptic of laissez-faire alternatives to government interventions, and it makes sense that this doubt would carry over to distributed digital money. In 2013, he went so far as to claim that “bitcoin is evil” because he dislikes the “libertarian political agenda” he perceives at its core.
Recently, Krugman issued a more measured take on why he distrusts cryptocurrency. His opposition boils down to two things, transaction costs and volatility. Admirably, he admitted that he indeed could be wrong, and issued a challenge: “if you want to argue that I’m wrong, please answer the question, what problem does cryptocurrency solve?” Andrea O’Sullivan draws from her expertise on bitcoin and other cryptocurrencies to explain.
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