Krugman: I mean, the short answer to your question is no, because I have no idea what he intends or actually really what it is. I mean, cryptocurrencies, you know, it's just ones and zeros on computer servers somewhere... Crypto is just stuff that's, you know, code that has no inherent value and has found no use. One of the things that I find amazing is that people keep on thinking of cryptos as futuristic when Bitcoin was introduced in 2009. I mean, Bitcoin is older than the iPad.
And it has yet to find any legal uses. The only thing that people really do with cryptocurrency is money laundering, ransom payments. Outside of the black economy, there is no use for this stuff. Now, Trump is going to... accumulate a reserve, which means accumulating basically the codes that say that this particular string of ones and zeros is yours. What you do with it, I don't know. I mean, it's not like the Strategic Petroleum Reserve, where you can release oil from the places where it's stored in case of an energy emergency. In this case, particularly since there are no legitimate uses for this stuff.
I mean, you can use it, I guess, to pay off criminal organizations around the world or something. Yeah. It's one of the more bizarre things which can only really be explained, I think, by following the real money, following who's been paid off by this industry.
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