Viewers of a TikTok clip about cryptocurrency are locked in a heated debate after a famous economist claimed no one is using crypto for anything legitimate. Aside from contentions on the legality and practicality of use, some viewers have also raised concerns about its environmental impact.
In the video, TikTok creator Hasan Minhaj (@hasanminhaj) shared a segment of his interview with Nobel Prize-winning economist Paul Krugman — who offered a blunt assessment of digital currencies: "There is essentially no legitimate use for crypto, and nobody is using it for anything legitimate."
@hasanminhaj Nobel laureate economist Paul Krugman thinks crypto is a cult
♬ original sound - Hasan Minhaj
In Krugman's opinion, crypto is either a speculative asset or a vehicle for crime. He further supposes that angry rebuttals to his statement would likely be because the crypto community is a cult.
Crypto users were quick to dispute Krugman's claims. They argued that crypto has legitimate uses in countries with unstable banking systems and is useful for global transfers. They've also countered that fiat currency is used more for crime than crypto.
Still, more people are wary of crypto, even comparing it to MLM or Ponzi schemes. And, beyond the issue of real-world usefulness, its environmental impact is harder to ignore.
An analysis by the International Energy Agency showed that crypto mining, along with data centers and AI, used almost 2% of the world's electricity in 2022. As the demand for these technologies increases, the IEA forecasts this energy consumption to double by 2026 — requiring enough extra electricity to power an entire country.
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On the flip side, new technologies and more sustainable energy sources are helping minimize the crypto impact. Newer proof-of-stake blockchains, for instance, can be powered by clean electricity, use far less energy, and produce less air pollution, as shown in the CCRI Crypto Sustainability Metrics.
As crypto technology evolves, there may still be a path toward a future where it serves clear and practical purposes without putting such a heavy strain on the grid. For now, there are still alternatives for investors to consider, like clean economy stocks and cleaner banks.
The posted video is less about settling the crypto question and more about revealing just how divided people are over what this technology is really for and what it's costing the planet.
"And it's bad for the environment," one viewer commented.
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"Horrifically bad. And prone to hacking, which makes you need more computing power, making it even worse of an energy suck," commented another.
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