Paul Krugman Takes Another Potshot at Bitcoin

If you and I are ready to settle our trade in Bitcoin, this technological marvel is here to stay.

But even a nobel award winning — and stubbornly ideological — economist like Paul Krugman has to be explained this very simple fact. The poster child of traditional finance system has once again tried his very best to besmirch Bitcoin, while repeating the age-old rhetorics related to the digital currency’s longevity as a value-holding asset.

The comments come during a show, ironically called “The Genius of Economics”, where Mr. Krugman is asked about his views on the disruptive digital currencies “such as Bitcoin” and how they refute the idea of government-backed currencies. With a few public laughs that come after this question is asked, the economist begins with saying that “Bitcoin is not looking too good”, a statement that takes everything — that is said afterwards — south.

“Money is a pretty amazing thing,” he stammers and states. “Why does a piece of green paper with a dead president on it have value? Ultimately, it’s because other people believe it has value, and [it] circulates. However, there is an anchor for dollar bills which is not gold. It is the fact that you can

Read more ... source: TheBitcoinNews