Nobel laureate economist Paul Krugman analyzed Bitcoin’s path to reaching $125,000.
Paul Krugman said that US President Donald Trump played a role in Bitcoin reaching $125,000.
Speaking to Bloomberg, Paul Krugman stated that Bitcoin probably wouldn’t have reached $125,000 if it weren’t for the “crypto-friendly White House” craze that followed Trump’s election victory.
Krugman argued that Bitcoin would never have reached such high levels without this political background.
He also argued that Bitcoin should benefit from “Sell America” trading, which refers to selling US assets during times of uncertainty, but that gold remains the preferred option against Bitcoin.
At this point, Krugman stated that Bitcoin lacks fundamentals. The economist has previously frequently criticized Bitcoin as a “Ponzi scheme” with a minimal role in real economic activity and linked to illicit use.
*This is not investment advice.
