Republican

Donald Trump

JD Vance

Nobel laureate Paul Krugman has slammed Republican presidential contender Donald Trump and his pick for vice president JD Vance over their pro-crypto stance.&nbsp;
“The truth is that Bitcoin, which was introduced 15 years ago, an eon in tech time, remains economically useless,” said Krugman in his <a href="https://www.nytimes.com/2024/07/29/opinion/vance-trump-cryptocurrency.html" target="_blank" rel="noopener noreferrer nofollow">opinion column</a> in the New York Times. “A couple of exceptions to its uselessness are money laundering and extortion.”
<h2 id="span-style-font-weight-400-paul-krugman-says-crypto-largely-a-ponzi-scheme-span">Paul Krugman Says Crypto ”Largely A Ponzi Scheme”&nbsp;</h2>
In recent months, Trump has made a series of pro-crypto remarks, including attending the <a href="https://insidebitcoins.com/news/everything-you-need-to-know-about-donald-trumps-momentous-bitcoin-2024-speech-in-nashville" target="_blank" rel="noopener noreferrer nofollow">Bitcoin 2024 conference</a> to woo the US crypto community.&nbsp;
Krugman expressed doubt over Trump’s sudden change of heart over crypto after he had previously called Bitcoin a “scam.”&nbsp;
He also criticized Trump’s plan for a national Bitcoin stockpile, saying it would be ”a government bailout for a scandal-ridden, value- and environmentally-destroying industry.” Crypto is ”largely a Ponzi scheme,” he added.&nbsp;
Krugman’s comments come as Trump said his campaign had received $25 million in Bitcoin and other crypto donations.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🇺🇸TRUMP: We have raised more than $25 MILLION from <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> and crypto donations.
 — Bitcoin Archive (@BTC_Archive) <a href="https://twitter.com/BTC_Archive/status/1817293226006417750?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a>
</blockquote>
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<h2 id="span-style-font-weight-400-discontent-among-democrats-span">Discontent Among Democrats&nbsp;</h2>
Around 14% of the US adult population owns crypto, making it a significant demographic in the ongoing presidential campaign.&nbsp;
Trump’s strategy to woo these voters has caused unease in the Democratic Party.&nbsp;Recently, several Democratic politicians wrote to the party’s Democratic National Committee (DNC) urging it to abandon its anti-crypto policies.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 BREAKING: Democrat politicians have written a letter to the DNC, asking the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.
 This is likely in response to polling data, the GOP pro-bitcoin policies, and President Trump speaking at <a href="https://twitter.com/TheBitcoinConf?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TheBitcoinConf</a> <a href="https://t.co/GSvZQAjOCu" rel="noopener noreferrer nofollow">pic.twitter.com/GSvZQAjOCu</a>
 — Pierre Rochard (@BitcoinPierre) <a href="https://twitter.com/BitcoinPierre/status/1817219938672591310?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2024</a>
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The DNC letter urged the party to start adopting pro-crypto language as a way to counter the Republican Party’s <a href="https://insidebitcoins.com/news/republicans-under-donald-trump-vow-to-end-unlawful-and-unamerican-crypto-crackdown-by-democrats" rel="noopener noreferrer nofollow">pro-crypto policy </a>platform.&nbsp;
<h3 id="span-style-font-weight-400-also-read-span">Also Read:</h3>
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 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/analysts-doubt-the-sec-doesnt-see-solana-as-a-security-despite-binance-lawsuit-climb-down-say-its-playing-politics-lawfare" rel="noopener noreferrer nofollow">Analysts Doubt The SEC Doesn’t See Solana As a Security Despite Binance Lawsuit Climb Down, Say It’s Playing Politics, Lawfare</a>&nbsp;</li>
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Nobel Prize Winning Economist Paul Krugman Slams Donald Trump Over Bitcoin Adoption, Says BTC ”Useless”

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