Nobel-winning economist Paul Krugman has slammed establishments for using the blockchain bandwagon in a latest tweet.
By flacking “blockchain one thing,” individuals need to money in on the brand new buzzword.
“Blockchain Vitamin Dietary supplements subsequent?” one Twitter person joked. Different customers additionally recalled different fashionable buzzwords, resembling “AI” and “cloud.”
On the peak of the cryptocurrency craze in 2017, blockchain turned the shiny new factor. A tea firm known as Lengthy Island Iced Tea Corp infamously modified its identify to Lengthy Blockchain in a transfer that made its shares skyrocket by greater than 200%. In 2021, three people who purchased the corporate’s shares earlier than the rebrand have been charged with insider buying and selling.
Krugman is a long-time Bitcoin naysayer, who criticized the world’s first cryptocurrency in his New York Instances op-ed known as “Golden Cyberfetters,” which was revealed all the best way again in 2011.
Final yr, Krugman slammed crypto as “a long-running Ponzi scheme.” In January, he drew “uncomfortable parallels” between crypto and the subprime mortgage disaster.
The newest cryptocurrency market correction, which was triggered by the demise of Terra, was not left unnoticed by the distinguished American economist.
In a New York Instances op-ed, which was revealed earlier this week, Krugman opined that the newest cryptocurrency crash could be completely different, claiming that crypto is only a huge bubble inflated by concern of lacking out.
But, crypto boosters imagine that the cryptocurrency trade will be capable to rebound after a significant downturn prefer it did prior to now.
Bitcoin is at the moment buying and selling slightly below the $30,000 degree on main spot exchanges.
