Nobel laureate Krugman calls BTC a failure, says industry faces its end

Nobel Prize-winning economist Paul Krugman, a professor at the City University of New York, said in an interview with Bloomberg that the cryptocurrency industry is facing its 'Fimbulwinter,' a term from Norse mythology for the harsh winter that precedes the end of the world. According to Wu Blockchain, he stated that Bitcoin is primarily supported by sentiment and lacks fundamentals, with its practical applications confined to sanctions evasion and illicit activities. Krugman emphasized that Bitcoin is not a technology of the future, noting it is only slightly younger than the first iPhone, and described it as a failure for not having established itself as a legitimate means of payment after 17 years.