For the Nobel Prize in Economics the era of crypto-currencies is coming to an end.

Economist Paul Krugman is of the opinion that that the era of crypto-currency could be coming to an end, based on the fact that his latest anti-blockchain article has caused very little outrage among crypto-brokers.

Shocked by the comments here – I expected much more crypto bro outrage. Maybe this era really is ending https://t.co/wjEDv7JQ58

– Paul Krugman (@paulkrugman) December 2, 2022

In a recent article published on the New York Times on December 1, Paul Krugman argues that the expression “crypto-currency winter“, widely used by the media to describe the current crisis, might be an understatement. According to the Nobel Prize-winning economist, the steep drop that the crypto-currency industry has experienced this year is similar to Fimbulwinter, the extremely harsh multi-year winter that precedes the end of the world in Norse mythology.

Later in the article, Krugman argues that blockchain, the technology behind cryptocurrencies, has proven to be fundamentally useless. Distracted by the headline-grabbing FTX drama, many people have failed to notice that many institutions have begun to abandon blockchain after trying (and failing) to use it to solve real-life problems. The economist recalled that shipping giant Maersk recently abandoned its enterprise blockchain project that was supposed to improve global trade.

“No doubt I will hear many people still insisting that I don’t understand. But it really seems that there was never any “it” to understand“, concludes Paul Krugman.

Paul Krugman mocked the institutions that jumped on the bandwagon earlier this year. In January, the economist wrote that bitcoin had virtually no chance of growing.