Yeah, these guys are professionals right? It's their job to know these things. In my mind this means one of two things:
- They are getting it wrong on purpose.
- They suffer from the Halo effect.
The Halo effect might be tricking economists into thinking they already know everything they need to know about the blockchain because it is similar to topics they already know about. However, when it comes to crypto, the devil is in the details.
You'd think these guys would be tired of getting proved wrong year after year. Why does anyone believe them at this point?
I actually think it is that first part. If they were saying "yes bitcoin may have a future", they would be getting far less press than if they became the king bitcoin basher. May be all about self promotion.
Blockchain is mesmerizing for economists as it take their theories of monetary policy and flips it upside down despite the facts that before the gold standard was abolished, their system was based on adequate reserve backing of a real asset not trust. How times change...