Economist Paul Krugman. Ricardo Rubio/Europa Press via Getty Images
Paul Krugman characterized the crypto market as a "postmodern pyramid scheme" in a New York Times op-ed.
"The industry lured investors in with a combination of technobabble and libertarian derp," he wrote.
His comments come after a stunning crash that wiped out $2 trillion in crypto market cap.
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The cryptocurrency market has turned into a "postmodern pyramid scheme," the top economist Paul Krugman said in a New York Times op-ed – and the spectacular crash investors saw this year is a chance for federal regulation.
The vocal crypto critic, who previously called the digital asset the "new subprime," said the industry has yet to develop products that are useful in the real economy and has instead marketed itself successfully as being both cutting edge and respectable.
"The way I see it, crypto evolved into a sort of postmodern pyramid scheme," Krugman wrote. "The...
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