Paul Krugman Slams Trump's Bitcoin Advocacy: Nobel Laureate Calls It 'Government Bailout Of A Scandal-Ridden Industry'
Portfolio Pulse from Aniket Verma
Nobel laureate Paul Krugman criticized Donald Trump's support for Bitcoin, calling it a 'government bailout' of a scandal-ridden industry. Krugman questioned the economic utility of Bitcoin and highlighted its association with money laundering and extortion. Despite past criticisms, Bitcoin has seen a significant price increase since the collapse of FTX in 2022.
July 31, 2024 | 9:13 am
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Paul Krugman criticized Donald Trump's support for Bitcoin, calling it a 'government bailout' of a scandal-ridden industry. Despite this, Bitcoin has seen a significant price increase since the collapse of FTX in 2022.
Krugman's criticism could create short-term negative sentiment around Bitcoin, but the overall impact may be neutral given Bitcoin's recent price surge and political support from Republicans.
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IMPORTANCE 80
RELEVANCE 100