Nobel Prize-winning economist Paul Krugman has compared the current state of cryptocurrency to the housing bubble and the subprime mortgage crisis. Noting that crypto lacks any real value, he said: “it is a house built not on sand, but on nothing at all.”
Paul Krugman on Crypto, Housing Bubble, and Subprime Mortgage Crash
Nobel laureate Paul Krugman discussed the current state of cryptocurrency in an opinion piece published in the New York Times Monday.
Krugman won the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel in 2008 “for his analysis of trade patterns and location of economic activity,” the Nobel Prize website details.
He began by referencing The Big Short, a book and a movie that tell the story of investors betting on “the proposition that the huge rise in housing prices in the years before the [2008 global financial] crisis was a bubble, and that many of the seemingly sophisticated financial instruments that helped inflate housing would eventually be...
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