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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Audio sources
BitGo CEO Mike Belshe: The latest bitcoin downturn doesn't bother me too muchCNBC w/ host Morgan BrennanFeb 11, 2026
FT’s Jemima Kelly: Bitcoin’s value is zero and the scarcity argument is pretendPowerLunchJemima Kelly with Kelly EvansFeb 10, 2026
Behind the volatility in crypto: Bitcoin hovering around $69,000, ethereum near $2,000MacKenzie Sigalos speaks with Andrew Ross SorkinCNBCFeb 10, 2026
Bitcoin's Bumpy Ride Continues Trading Around $70,000Isabelle LeeBloombergFeb 9, 2026
Bitcoin Slump Raises Questions About Crypto's PurposeBloombergEd Ludlow talking with Jalak JobanputraFeb 9, 2026
Why the Crypto Story is DyingYueqi YangThe Information. Host Akash Pasricha.Feb. 6, 2025
Nobel Laureate Paul Krugman Calls Bitcoin 'Total Bust'Paul KrugmanHosts: Carol Massar and Tim StenovecBloomberg Businessweek Daily.Feb 5, 2026
Be my BFF?
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 FinanceJames Moloney, Director, Division of Corporation Finance, SECFeb. 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
Thanks for reading Front Stage Exit! This post is public so feel free to share it.
Music in the episode:
“Bitcoins going up” by SunoMusicShowYouTube
All from Pixabay Music
Thanks for listening! Let me know what you think!
