Recently, Kathryn Haun, former federal attorney, and Paul Krugman, Nobel Prize economist, had a debate on the intrinsic value of Bitcoin and other cryptocurrencies.
During the debate, Paul Krugman talked about Bitcoin and compared the largest cryptocurrency with the early stages of the Internet. Krugman said he was surprised by the current use of the Internet. He added that he underestimated the useful features of the Internet. There is clear evidence from the beginning of the use of the Internet, but this is currently not cryptocurrency, he said.
Kathryn Haun then spoke about the price and the volatility of Bitcoin. He pointed out that the cryptocurrency has been in space for ten years and thus felt that if anyone thought the word was worthless, it would have no intrinsic value last year. So you said:
”It is very interesting that this ecosystem is facing this volatility. “
For this, Krugman said that, given the monetary factor that has existed for 10 years, “very little” is being used in terms of actual payments. He added that Bitcoin’s daily transactions are “small” relative to the dollar-denominated foreign exchange market. He said:
“We can say that the dollar value of the bitcoin trade has peaked early in the year and has even gone far, then there is little evidence that it is becoming a common currency and it is ten years later when will it happen?”
Kathryn Haun replied that, despite the fact that the document has been released, Bitcoin, he later said. These include governments and large institutions that regard cryptocurrencies as an instrument of criminal activity.
He added that the perspective is changing in the more traditional sectors. Kathryn said crypto-currencies are an alternative to payments. However, Bitcoin did not recognize the vision of Satoshi Nakamoto: the electronic peer-to-peer payment system. He said:
“Its main purpose is not that, but Bitcoin Cash is trying to do that.” The reason why Bitcoin was left out of volatility, for the moment, they have things like: Lightning Network, which is in the Construction, and Lighting Network to increase the solvency of Bitcoin. “
Kathryn went on to say that Bitcoin is unlikely to be used for payments and that another cryptocurrency can be used for payments.
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