Jeff Benson reports in decrypt.co the Nobel Prize-winning economist and former MIT and Princeton professor Paul Krugman has used his regular column in The New York Times to advocate for free trade, clean energy, and financial regulations said "that Bitcoin Resembles Subprime Mortgages . Oh, and he doesn't like Bitcoin—or cryptocurrency in general.
While Krugman contends that crypto markets aren't large enough to cause a global crisis as Subprime Mortgages did, he does think the same groups of people targeted by lenders in the leadup to 2008 are being preyed upon today.
Reed College philosophy professor Troy Cross took issue with Krugman's argument that certain people should be protected from the markets—and themselves. "The gist of Krugman's latest missive: only the rich (mostly white) are smart and capable enough to invest in crypto. Make it illegal for anyone else," he tweeted.
The author concludes that "But Krugman is also comparing apples to oranges. Subprime mortgages were particularly risky because of ballooning interest payments."
Source credit and full story - https://decrypt.co/91496/paul-krugman-says-bitcoin-resembles-subprime-mortgages-is-he-right
I could not believe that such a view comes from a Nobel Prize-winning economist. I would go as far as saying that Krugman is comparing not just apples(Bitcoin) to oranges(Subprime Mortgages) but he is comparing apples to Shit because that is what Subprime Mortgages are. Is he living under a rock or what? Doesn't he see all the use cases of Bitcoin, other cryptocurrencies and the blockchain that are transforming peoples' life in every way possible? What is your take?
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