Imagine my surprise when I started going through crypto crash commentary in mainstream media, news shows and podcasts and found that economist Paul Krugman is on my side on one key point.
The commentator, who has always hated Bitcoin, concedes the one use case for Bitcoin that is — in my opinion — its most compelling: Its ability to evade capital controls.
Bitcoin is for exit. You can hear him say so in the first couple minutes of today’s episode of Diamond Rhino.
Wealth that needs to get out from under a government that’s not working for its owner can escape thanks to Bitcoin. It’s the most rarely used but most powerful use case.
If Krugman can see it, does that mean he will come around?
No.
He’s committed to the bit.
In fact, for some reason, after a decade-plus of talking about Bitcoin on the reg, the mainstream media is still treating the most recent massive drop in BTC price just like they have treated the past ones: Bitcoin is useless. We don’t see the purpose. It’s just a story. There’s no intrinsic value. It’s probably over this time.
Why are reporters in the west so committed to this bit? Do they love being wrong?
Weird flex, bro.
In this week’s episode of Diamond Rhino, we go through some of the latest takes on the drop in Bitcoin price from the names you know: CNBC, the FT, The Information and so on.
Did you hear any mainstream takes that I should have revisited? How fair do you think I was to these commentators?
Let me know in the comments or email me directly.
Note: As ever, I edit clips, but mainly to cut down rambling and for efficiency. I don’t change the speakers’ points or clip to make it look like they said something they didn’t really say. If you disagree, let me know. The fulls segments I used are all linked below.
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We've been here before, and we've been right all along
“In reality, the opportunity is immense, and bigger than our most creative minds can imagine, but not as it’s been articulated over the last few years.
Audio sources
BitGo CEO Mike Belshe: The latest bitcoin downturn doesn't bother me too much
CNBC w/ host Morgan Brennan
Feb 11, 2026
FT’s Jemima Kelly: Bitcoin’s value is zero and the scarcity argument is pretend
PowerLunch
Jemima Kelly with Kelly Evans
Feb 10, 2026
Behind the volatility in crypto: Bitcoin hovering around $69,000, ethereum near $2,000
MacKenzie Sigalos speaks with Andrew Ross Sorkin
CNBC
Feb 10, 2026
Bitcoin's Bumpy Ride Continues Trading Around $70,000
Isabelle Lee
Bloomberg
Feb 9, 2026
Bitcoin Slump Raises Questions About Crypto's Purpose
Bloomberg
Ed Ludlow talking with Jalak Jobanputra
Feb 9, 2026
Why the Crypto Story is Dying
Yueqi Yang
The Information. Host Akash Pasricha.
Feb. 6, 2025
Nobel Laureate Paul Krugman Calls Bitcoin 'Total Bust'
Paul Krugman
Hosts: Carol Massar and Tim Stenovec
Bloomberg Businessweek Daily.
Feb 5, 2026
Other sources
Is This Crypto’s Fimbulwinter?, by Paul Krugman
Bitcoin is still about $70,000 too high, by Jemima Kelly, FT
The schtick is in, Front Stage Exit
Coming Attractions From the Division of Corporation Finance
James Moloney, Director, Division of Corporation Finance, SEC
Feb. 13, 2026
Bitcoin: Addresses with Balance > 1 BTC
Russia’s Sberbank plans crypto-backed loans to corporate clients
Are we the baddies? — Know Your Meme
Bitcoin Hashrate Falls 12% After US Winter Storms Hit Miners
Bitcoin: Percent Addresses in Profit
Music in the episode:
“Bitcoins going up” by SunoMusicShowYouTube
All from Pixabay Music
Thanks for listening! Let me know what you think!
