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Nobel laureate Paul Krugman has criticized Republican presidential candidate Donald Trump and his vice presidential pick JD Vance for their pro-cryptocurrency stance.
“The truth is that bitcoin, which was introduced 15 years ago, an eternity in technological time, is still economically useless,” Krugman said.In its opinion column in the New York Times“A couple of exceptions to its uselessness are money laundering and extortion.”
Paul Krugman says cryptocurrencies are largely a Ponzi scheme
In recent months, Trump has made a number of pro-cryptocurrency comments, including his attendance at the bitcoin Conference 2024 to woo the US crypto community
Krugman expressed doubts about Trump's sudden change of heart on cryptocurrencies after previously calling bitcoin a “scam.”
He also criticized Trump’s plan to create a national bitcoin stockpile, saying it would be “a government bailout for an industry plagued by scandal and destroying value and the environment.” Cryptocurrencies are “very much a Ponzi scheme,” he added.
Krugman's comments come after Trump said his campaign had received $25 million in donations in bitcoin and other cryptocurrencies.
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TRUMP: We have raised over $25 MILLION twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and cryptocurrency donations.
— bitcoin Archive (@BTC_Archive) twitter.com/BTC_Archive/status/1817293226006417750?ref_src=twsrc%5Etfw”>July 27, 2024
Discontent among Democrats
About 14% of the US adult population owns cryptocurrency, making it an important demographic in the current presidential campaign.
Trump's strategy to court these voters has caused unrest in the Democratic Party. Recently, several Democratic politicians wrote to the party's Democratic National Committee (DNC) urging it to abandon its anti-cryptocurrency policies.
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BREAKING: Democratic politicians have written a letter to the DNC (Democratic National Committee) asking the party to move away from Elizabeth Warren's anti-bitcoin policies.
This is likely a response to polling data, the Republican Party's pro-bitcoin policies, and President Trump's speech at twitter.com/TheBitcoinConf?ref_src=twsrc%5Etfw”>@TheBitcoinConf image.twitter.com/GSvZQAjOCu
-Pierre Rochard (@BitcoinPierre) twitter.com/BitcoinPierre/status/1817219938672591310?ref_src=twsrc%5Etfw”>July 27, 2024
The DNC letter urged the party to begin adopting pro-cryptocurrency language as a way to counter the Republican Party's stance. Cryptocurrency-friendly policy platform.
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