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Nobel Prize Winner Paul Krugman Saw Similarities Between Crypto and Subprime Mortgage Crisis
Summary: Paul Krugman, an American economist who received the 2008 Nobel Prize for Economics, wrote in a New York Times article that there are “uncomfortable parallels” between cryptocurrencies and the subprime mortgage crisis of the 2000s, as the evidence shows that most of the risks posed by cryptocurrencies are being borne by vulnerable groups. Krugman wrote: “Who is being hurt by ...
Paul Krugman, an American economist who received the 2008 Nobel Prize for Economics, wrote in a New York Times article that there are “uncomfortable parallels” between cryptocurrencies and the subprime mortgage crisis of the 2000s, as the evidence shows that most of the risks posed by cryptocurrencies are being borne by vulnerable groups.
Krugman wrote: “Who is being hurt by this crash, and what might it do to the economy? Well, I’m seeing uncomfortable parallels with the subprime crisis of the 2000s”.
Krugman mentioned the recent downtrend of the crypto market, said the bear market will affect more vulnerable segments of society more broadly, as research found that 55% of crypto investors don’t have a college degree.
Krugman has long been skeptical of cryptocurrencies, he wrote an article for The New York Times titled "Bitcoin is Evil" in 2013, claiming that Bitcoin has neither legitimate use nor intrinsic value.
BY Mary Liu
Tags: Bitcoin,Crypto,Paul Krugman
Link: Nobel Prize Winner Paul Krugman Saw Similarities Between Crypto and Subprime Mortgage Crisis [Copy]
