Nobel laureates and prominent economists argue that the FTX crash is a fresh start for the cryptocurrency market.
Paul Krugman suggests ‘winter’ could be extended for cryptocurrency market
American Nobel Prize-winning economist Paul Krugman said that they are heading towards an “eternal winter” as cryptocurrencies fail to prove they are valuable in real life. In his column in the New York Times, he gave the following statements, warning of the approaching winter:
Many people say we are experiencing a “crypto winter”. However, this may underestimate the situation. Instead, it looks more and more like Fimbulwinter, the eternal winter that precedes the end of the world in Scandinavian mythology. In this case, the crypto world, not just cryptocurrencies, the idea of organizing economic life around celebrities is ‘Blockchain’.
Krugman states that Blockchain technology has yet to prove its benefits. He also adds that many companies are reluctant to adopt the emerging technology. Referring to one example, Krugman said, “Five years ago, it was thought to be a big deal when the Australian exchange announced that it was planning to use a Blockchain platform to clear and settle trades. Instead, he quietly canceled the plan two weeks ago and took a loss of $168 million”. cryptocoin.comAs you follow, he said in his recent columns that cryptocurrencies will soon be forgotten.
Famous writer warned about this market
Robert Kiyosaki, author of “Rich Dad, Poor Dad,” warns investors that they should focus on the bond market. He tweeted in July that the bond markets had suffered “the biggest crash since 1788”. The finance writer says that this drop will be affected by Bitcoin:
The US Bond Market is crashing. Biggest bond crash since 1788. China’s renewable energy bond market is collapsing. More than 90 million vacant apartments in China. Bond markets are larger than the stock market. Now I’m buying more gold, silver and waiting for Bitcoin to drop.
Robert Kiyosaki has previously said that a coronavirus vaccine that works will “crash” Bitcoin. He had also previously warned that inflation could lead to depression. Following Kiyosaki’s estimates, foreclosures increased 700% from last year. However, bond markets have historically reacted negatively to news of rate hikes. In times of extreme market panic, gold was a life saver as funds were diverted to the safe-haven asset. If a recession occurs in the US, the yellow metal could provide some relief, according to Kiyosaki. By the way, it is worth noting that the famous writer Solana failed his predictions. He was right about the strength of the US dollar that we will see a volatile market in 2022.
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