Saturday, August 9, 2025
Social icon element need JNews Essential plugin to be activated.
No Result
View All Result
Crypto now 24
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • REGULATIONS
  • SCAMS
  • ANALYSIS
  • VIDEOS
MARKETCAP
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • REGULATIONS
  • SCAMS
  • ANALYSIS
  • VIDEOS
No Result
View All Result
Crypto now 24
No Result
View All Result

Bitcoin Up 365,999% Since Krugman Dismissed It at $7

September 6, 2023
in Bitcoin
Reading Time: 2 mins read
A A
0

[ad_1]

Twelve years in the past, economist and Nobel laureate Paul Krugman first addressed Bitcoin and his opinion was skeptical to say the least.In that now-famous article, penned for The New York Instances on September 7, 2011, Krugman criticized and dismissed the cryptocurrency, which was then buying and selling at a median of $7.03 per Bitcoin throughout exchanges. 

Quick ahead to in the present day, and Bitcoin’s outstanding journey has confirmed Krugman’s skepticism to be one of the pricey missed alternatives in monetary historical past, as demonstrated by the response to an X publish in the present day by Bitcoin Historian Pete Rizzo.

When Krugman’s article was printed, Bitcoin was nonetheless in its infancy. The digital cash, created by the pseudonymous Satoshi Nakamoto, had solely been round for a few years. It was largely unknown to the mainstream, with a small however passionate group of early adopters and tech fans.

In his article, Krugman argued that Bitcoin was a bubble ready to burst. He questioned its viability as a forex, criticized its decentralized nature, and expressed skepticism about its long-term prospects. 

On the time, Bitcoin’s worth of $7.00 appeared trivial, and plenty of shared Krugman’s doubts.

Nonetheless, historical past has confirmed Krugman and different early Bitcoin skeptics fallacious. Bitcoin has not solely survived however thrived over the previous 12 years. Its worth has skilled unprecedented progress, reaching highs of over $69,000 in early 2021. 

On the time of writing, Bitcoin is buying and selling at round $25,000 per coin, representing a staggering 365,999% enhance from its worth when Krugman penned his critique.

Nonetheless, it is price noting that Krugman acknowledged on the time that Bitcoin had been a very good funding, even whereas he questioned it might function a forex, writing:

“The greenback worth of that cybercurrency has fluctuated sharply, however total it has soared. So shopping for into Bitcoin has, no less than up to now, been a very good funding. However does that make the experiment successful? Um, no. What we would like from a financial system isn’t to make individuals holding cash wealthy; we would like it to facilitate transactions and make the economic system as an entire wealthy. And that’s by no means what is going on in Bitcoin.”

As well as, he criticized Bitcoin for being deflationary, including that there’s an “incentive to hoard the digital forex relatively than spend it.”

However whereas this has proved largely true, Krugman’s claims have been undermined by Bitcoin’s continued utility as a forex, BTC’s rise to $25,000 demonstrating its potential as a method of transferring worth throughout borders with relative ease.

Bitcoin has even been adopted as a forex in El Salvador, the place it serves alongside the U.S. greenback as a type of authorized tender, in extensive use by small retailers. Additional, Bitcoin, 15 years on, retains a distinct segment in on-line commerce.

All this in thoughts, looking back, Krugman’s dismissal of Bitcoin at $7 serves as a reminder of the unpredictability of economic markets and the potential for revolutionary applied sciences to reshape the world.

[ad_2]

Source link

Tags: BitcoinDismissedKrugman
Previous Post

Andrew Mitchell launches “Flowers of Alfiren” | NFT CULTURE | NFT News | Web3 Culture

Next Post

UK Charity The Great North Air Ambulance Services Partners With CoinCorner To Accept Bitcoin Donations

Next Post
UK Charity The Great North Air Ambulance Services Partners With CoinCorner To Accept Bitcoin Donations

UK Charity The Great North Air Ambulance Services Partners With CoinCorner To Accept Bitcoin Donations

What Is a Blockchain Sequencer? It Sits Between Ethereum and Layer-2 Networks Like Coinbase’s Base

What Is a Blockchain Sequencer? It Sits Between Ethereum and Layer-2 Networks Like Coinbase's Base

Coinbase Singapore now requires counterparty’s personal information to process transactions

Coinbase Singapore now requires counterparty's personal information to process transactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Social icon element need JNews Essential plugin to be activated.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Videos
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Crypto Now 24.
Crypto Now 24 is not responsible for the content of external sites.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • REGULATIONS
  • SCAMS
  • ANALYSIS
  • VIDEOS

Copyright © 2023 Crypto Now 24.
Crypto Now 24 is not responsible for the content of external sites.

s