Paul Krugman Takes A Dig At 'Unbiased' Blockchain-Based Inflation Dashboard: 'Their Numbers Keep Coming In Lower Than The CPI'
Portfolio Pulse from Benzinga Neuro
Economist Paul Krugman criticized the blockchain-backed inflation tracking site Truflation for reporting inflation numbers that are consistently lower than those of the Bureau of Labor Statistics (BLS). Truflation uses real-time metrics for daily inflation tracking, yet its figures have been below the government-reported rate of 3.4%. Krugman's comments also touched on the technology behind Truflation, which is related to cryptocurrencies like Bitcoin and Ethereum, suggesting a bias due to its blockchain backing.
February 26, 2024 | 7:04 am
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NEGATIVE IMPACT
Krugman's critique of Truflation, which is backed by blockchain technology, indirectly impacts Bitcoin by associating it with potentially biased inflation reporting.
Krugman's comments may lead to skepticism towards blockchain technologies and assets associated with them, like Bitcoin, especially among investors who value traditional economic indicators.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Ethereum, like Bitcoin, could face indirect negative sentiment due to Krugman's critique of Truflation's blockchain-based inflation tracking, suggesting a potential bias.
Since Ethereum's technology is similar to that underpinning Truflation, Krugman's critique could indirectly affect investor sentiment towards Ethereum by questioning the objectivity of blockchain-based applications.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60