Nobel laureate Paul Krugman has attributed Bitcoin's surge to $125,000 to the "crypto-friendly White House" hype following Trump's election. In a February 5, 2026 interview with Bloomberg, Krugman argued that without this political backdrop, Bitcoin would likely not have reached such heights. He emphasized that while the "sell America" trade might favor Bitcoin, gold remains the preferred asset during times of instability, citing Bitcoin's lack of fundamentals and a "crisis of faith." Krugman, a long-time critic of Bitcoin, has previously labeled it a "Ponzi scheme" with minimal impact on real economic activity and associations with illicit use. His views continue to spark debate within the cryptocurrency community.