Krugman: Bitcoin consumes real resources like computing power and electricity
Paul Krugman · A Skeptic's View of Crypto (from the Point of View of Monetary Economics) · Nov 2, 2018 · at 6:38
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Economist Paul Krugman contrasts Bitcoin's resource-intensive proof-of-work mechanism with historical metallic currency creation.
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“The striking thing about Bitcoin is that it sets up a system in which, ah, first of all, ah, the creation of this currency involves a lot of real resources. We're actually spending a lot of resources now computing power or electricity to generate this, much as we used to spend a lot of resources digging up gold to create gold currency.”
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