Crypto enthusiasts got the last laugh after the crypto skeptic economist Paul Krugman lost access to his Venmo account.
Krugman took to Twitter to vent about his poor experience with the mobile payment service Venmo. He says the app won’t allow him to make payments, and the representative won’t explain why the app blocked him.
Too busy to tweet. But not to vent. I've been using Venmo for years, but now it won't allow me to make payments. I spent a long time in chat with representatives, and they told me that they can't explain why — or fix it. The software has taken control.
— Paul Krugman (@paulkrugman) March 8, 2023
Crypto Players Line up to Take Potshots
Krugman experienced the horrors of centralization with Venmo, and crypto supporters rushed to explain decentralization.
A Twitter user, Neeraj Agrawal, out his old Tweet where Krugman said that crypto offers services similar to bank accounts, Paypal, Venmo, etc., unless “you’re buying drugs.” He sarcastically asked the economist if his Venmo account got blocked while trying to buy drugs or an assassination attempt.
Changpeng Zhao, the Chief Executive Officer (CEO) of , replied to Agrawal’s tweet, “everyone will be in crypto, eventually.”
?? everyone will be in crypto, eventually.
— CZ ?? (@cz_binance) March 8, 2023
The MicroStrategy founder, Michael Saylor, didn’t this chance to promote his ideology either. Other notable industry stakeholders such as Bankless, the Venture Capitalist Nic Carter, and the CEO of Circle, Jeremy Allaire, also replied to Krugman’s tweet.
In December last year, Krugman an opinion piece in the New York Times titled, “Blockchain, What Are They Good For?” He believes that blockchain technology is useless and has no point.
He argued that the market was in Fimbulwinter, meaning an endless winter. It is worth noting that after the article’s publication, the price of Bitcoin is up more than 25%.
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