Crypto skeptic Paul Krugman claimed that crypto may be coming to an end in an opinion piece published in the New York Times.
Blockchain technology and the demise of cryptocurrencies were examined in the article “Blockchains, What Are They Good For?” He believes that blockchain technology is useless.
The market is presently going through a Fimbulwinter, not a crypto winter, according to the economics professor’s article.
In his description of “an eternal winter” that comes before the end of the world, Fimbulwinter alludes to Norse mythology. He asserted that the crypto sector would perish this winter in this particular instance.
The original claim that Bitcoin would eliminate the need for trust, according to Krugman, had not yet materialized. This is because banks don’t often steal from their customers’ accounts, whereas crypto institutions are more likely to be susceptible to temptation and high inflation.
The Nobel laureate also disputed the notion that cryptocurrencies and blockchain technology will provide less expensive transactions, claiming that this had not yet occurred.
Several failed attempts to use blockchain technology to address pressing issues in society were enumerated by Paul Krugman.
These included an Australian stock exchange attempt to use blockchain for clearing and settling trades that was abandoned two weeks later with a $168 million loss write-off.