Famous Economist Paul Krugman Says Crypto Industry Is For Illegal Transactions And Tax Evasion Only

Marking the internet as a failure in the past, Paul Krugman has now come up with harsh statements regarding the use of Cryptocurrencies.

2008 Economics Nobel Prize Winner Paul Krugman and some of his following partners have taken shots at the crypto industry, saying that it is only being used as a means to dodge taxes and perform Illegal transactions. Although this statement might be slightly true because there have been many cases of cryptocurrencies being used for illegal transactions, but if we take a look at standard currencies, they have also been used for illegal transactions almost equally for quite a while now, so crypto is not something that is only used for illegal activities.

Krugman’s History

Paul Krugman is quite notorious for marking the Internet as a failure back in 1998 when he posted about what the internet will do wrong with the economy. Krugman specifically mentioned back in 1998 that by 2005, the internet would have no significant impact on the economy and on the daily lives of people, so its importance would be deemed similar to that of fax machines.

Facing backlash from his statements regarding the internet and now marking cryptocurrency users as tax cheats and criminals, Krugman has demonstrated how his thinking lacks any sort of sense at all. CEO of IOHK and Founder of Cardano, Charles Hoskinson, responded to Krugman’s statements in a very funny manner, asking about the status of the fax machines he had preferred to run over the internet. Many other also responded by saying that Krugman belongs to the stone age, and his views aren’t supposed to be taken seriously at all.

Bloomberg Author’s Opinion

Apparently, an Author from Bloomberg named Alexis Goldstein had also taken part in taking shots at crypto when she posted writing formally titled “Crypto doesn’t have to Enable Tax Cheats,” which clearly took the situation a completely wrong route. According to the writing, Alexis basically says that the cryptocurrency industry is specially designed in a way, which supports tax evasions. Alexis mentioned that cryptocurrency platforms are not providing much information that can prove that they are not built for tax evasions, so it is basically a design choice made by developers. Paul Krugman responded to this writing in a tweet, saying that cryptocurrency is definitely used for Tax evasions and illegal activities.