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Crypto Cynic Paul Krugman Gets Dunked on After Complaining Venmo Blocked His Transactions

1 min
Updated by Geraint Price
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In Brief

  • The economist Paul Krugman was not able to use mobile payment service, Venmo.
  • The community mocked the crypto-skeptic economist.
  • Changpeng Zhao believes that everyone will be in crypto, eventually.
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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.

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, dug 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 Binance, replied to Agrawal’s tweet, “everyone will be in crypto, eventually.”

The MicroStrategy founder, Michael Saylor, didn’t miss this chance to promote his Bitcoin 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 wrote 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%.

Bitcoin's price up more than 25% after Paul Krugman's article.
Source: TradingView

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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