Paul Krugman – a vocal digital currency skeptic – has come out to give a full picture of what he thinks about blockchain and Bitcoin (BTC). At ChainXChange – a blockchain conference that recently held in Las Vegas – Paul Krugman joined Tom Lee – the co-founder of Fundstrat – and Cory Johnson – the chief marketing strategist of Ripple – on a panel focused on the future of money.
Krugman Has Only Been Focusing on Bitcoin (BTC)
From the beginning, Krugman said that he has not really looked at the whole digital currency industry at large. Rather, he has been focusing on learning how Bitcoin (BTC) works. He said that Bitcoin (BTC) is the only digital currency he has understood halfway.
He later admitted that despite his concern that the mining of Bitcoin (BTC) uses so much energy, the world’s largest digital currency already has more use than gold. When comparing the utility of Bitcoin (BTC) against fiat currency, the digital currency skeptic said that his number one problem is the transaction costs used to transfer Bitcoin (BTC).
Krugman believes if the transactions are reduced, that would alleviate his basic opposition to digital currency. Recently, Krugman penned an op-ed called “Transaction Costs and Tether: Why I am a Digital Currency Skeptic” at The New York Times.
In it, Krugman said that Bitcoin (BTC) and other digital currencies in the market still have a very long way to go to prove their use for day-to-day transactions in the mainstream economy. He said Bitcoin has made only a couple of inroads into actual commerce. Bitcoin (BTC) needs to see real use cases in order to dominate the mainstream economy.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently trading at $6,490 after an increase of about 1.5 percent over the past twenty-four hours. The current market cap of the digital currency is $111.66 billion and its trading volume over the past twenty-four hours is $3.41 billion.