Krugman, Bitcoin, Politics

Abstract

Contrasted with the boundless enthusiasm on crypto-X is the intense scepticism that others have when it comes to Bitcoin. Many people do not accept that Bitcoin can have any value independent of the backing of a nation-state. They think it is a scam, a Ponzi, a bubble, a fad, and a con. And they think it is a dangerous destabiliser for the status quo. Some also see the goals or delusions of their political rivals reflected in Bitcoin advocacy. Libertarians and Trump supporters and goldbugs distrustful of the monetary system and seeking to decentralise it. Paul Krugman’s New York Times opinion pieces on cryptocurrency and Bitcoin and, most importantly, the hundreds of thousands of words of comments posted by his readers in response to his articles are an interesting window onto these issues, including the political divide that separates Bitcoin advocates and some of their critics.