Paul Krugman: Bitcoin is not a future technology, it's only slightly younger than the first-gen iPhone On February 5, 2026, Nobel Prize-winning economist Paul Krugman warned in an interview with Bloomberg that cryptocurrency is facing a 'Fimbulwinter.' He pointed out that Bitcoin lacks fundamentals and is mainly supported by 'sentiment,' with its actual use limited to bypassing capital controls or illegal activities. Krugman believes Bitcoin is not the so-called 'future technology.' It's only slightly younger than the first-generation iPhone, yet 17 years after its creation, it still hasn't become a legitimate payment method, calling it a 'failure.' Previously, Paul Krugman has publicly criticized Bitcoin multiple times, comparing it to a 'Ponzi scheme' and highlighting its minimal role in real economic activities, often tied to illegal uses. These views have sparked significant debate both within and outside the industry. Source: Bloomberg