Paul Krugman derides crypto in response to XRP push

07 Jul, 2018
by David Borman
Paul Krugman derides crypto in response to XRP push

Paul Krugman, famous economist and Nobel laureate, has recently come out in a negative response to a New York Times article discussing the state of the company Ripple, their token XRP and the general state of the crypto world. The article delves into recent attempts by Ripple to get people to use XRP, as well as the general situation with cryptocurrency, that is, most are used for speculative trading and not as currency.

Krugman took to Twitter on the heels of the article, to state:

The essential issue at play here is that as of yet most cryptocurrencies are only being used primarily as either investments (they aren't used in transactions, only held by investors) or as trades (transactions are only happening with exchanges). As such, most cryptocurrencies, such as XRP, are not serving as the product they are being touted as.

The Times article discusses how the Ripple team has recently begun a strong push to get the technology exposed to a broader public. Recently they teamed up with Ashton Kutcher to use XRP to donate to charity on Ellen Degeneres' talk show.

This, along with other publicity stunts, emphasizes how strongly Ripple is pushing for greater adoption of its coin. The push back by critics is valid, as no cryptocurrency has fundamentally been accepted by the masses. Some coins are more uniquely catered to it than others, but only time will tell which if any of the current projects will be tomorrows money.

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