Crypto's Midterm Money Machine
Nobel Prize-winning economist Paul Krugman warns that a right-wing 'scheme' is in the works to influence the midterm results and buy the favor of winning candidates, having already bought favor with President Donald Trump and his sons.
Krugman notes that while cryptocurrency has not succeeded in creating a viable business, it has been successful at buying political influence. He predicts that crypto will be a 'pretty big part' of the right-wing money coming into the midterm elections.
The crypto industry spent $38 million to flip a blue Senate seat red in Ohio and another $30 million to prevent Democrat Sherrod Brown from winning the seat back, according to Krugman. He also notes that only 2 percent of Americans have used cryptocurrency for legitimate transactions, but its political effectiveness has been huge.
Krugman warns that if the Democrats sweep the midterms, the crypto industry will not stop peddling its influence and may even resort to 'bribery'.