Paul Krugman, the famous Nobel Prize Winning Economist remains agnostic of the whole crypto scenario. His take on the view could be found in New York Times opinion piece published in July 31st.
Krugman, who received this award in the year 2018, agreed that he was skeptic about the whole crypto concept, taking into consideration the “absence of tethering” associated with cryptocurrencies, and as well claims that the concept incur high transactional fee. He argued that all these new developments are successfully making purchases less costly.
The Nobel Prize Winner predicted that the total collapse of cryptocurrency is a real possibility in these words of his:
“If speculators were to have a collective moment of doubt, suddenly fearing that Bitcoins were worthless, well, Bitcoins would become worthless.”
His skeptical thought over crypto even took to notice the potentiality of Bitcoin becoming the only surviving digital currency in future, stating that this will most likely bring about disappointment in the industry and eventually lead to total collapse.
However, he didn’t forget to end this whole argument by saying he could be wrong about the whole prediction, therefore calling on all crypto enthusiasts to prove his crypto skepticism wrong.