Nobel Prize-winning economist Paul Krugman said that the era of cryptocurrencies is coming to an end.
In his article in the New York Times, Krugman suggested that the term “crypto winter” might be a bit of an understatement.
Nobel Prize-winning Economist Targets Blockchain Technology
According to Krugman, the sharp fall the crypto industry has experienced this year is more like Fimbulwinter, an extremely harsh winter that preceded the end of the world in Norse mythology, rather than a normal winter.
Krugman claimed in the continuation of the article that the blockchain technology that underpins Bitcoin has proven fundamentally useless. According to him, after the FTX drama, many institutions started abandoning blockchain technology after trying to use it to solve problems.
The economist recalled that shipping giant Maersk recently abandoned its enterprise blockchain project.
“No doubt I’ll hear a lot of people insisting that you still don’t understand. But it seems like nothing really can be achieved.”
Krugman also mocked institutions entering the crypto space earlier this year.
Krugman went even further, arguing that Bitcoin has almost no legitimate users.
