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.

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.

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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.

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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.

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