March 21, 2023

Famed Economist Paul Krugman Frustrated with Venmo, Bitcoiners Respond with “Bitcoin Fixes This”

Renowned economist Paul Krugman, who has been a vocal critic of cryptocurrencies, found himself on the receiving end of a frustrating experience with Venmo, a traditional financial company. Krugman took to Twitter to express his frustration, stating that he had been using Venmo for years but was now unable to make payments. He further added that he had spent a long time in chat with representatives, but they were unable to explain why or fix the issue, and the software had taken control.

The irony of Krugman’s situation was not lost on Bitcoiners, who responded with a three-word phrase that has become a common refrain in the crypto community: “Bitcoin fixes this.” Michael Saylor, the CEO of MicroStrategy and a self-proclaimed “Bitcoin maximalist,” was among those who responded to Krugman’s tweet. Saylor has often praised Bitcoin as “digital energy” and a perfect medium for storing value, thanks in part to its fixed supply of 21 million coins that are immune to inflation by the state.

Bitcoin’s biggest proponents have long argued that the decentralized nature of the cryptocurrency makes it a more reliable and secure alternative to traditional financial systems. While Krugman has been critical of Bitcoin in the past, his recent experience with Venmo seems to have given him a taste of the frustrations that many people have with centralized financial institutions.

As the debate over the future of money continues to rage on, it remains to be seen whether Bitcoin and other cryptocurrencies will continue to gain mainstream acceptance. However, Krugman’s experience with Venmo serves as a reminder that even traditional financial systems can be prone to glitches and errors, and that there may be value in exploring alternative options.

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