American economist and Nobel laureate Paul Krugman in his column for NYT compared the volatility of the digital asset market to the US mortgage crisis.
“No, cryptocurrencies do not threaten the financial system – the numbers are not big enough for that,” he wrote.
Krugman also questioned the possibility of digital assets to cause a global economic crisis. However, according to him, due to low risk awareness, investors continue to lose funds in the cryptocurrency market.
Economist cited study NORC, which showed that 55% of digital asset owners do not have a college degree. Krugman cited the survey results as proof that investing in cryptocurrencies has become popular with the working class.
Alex Gladstein, director of strategy for the Human Rights Foundation, criticized the column, calling it “NYT’s peak” and noting the economist’s gaslighting.
*Peak NYT* on Bitcoin, the new Krugman op-ed:
-Calls BTC the “new sub-prime”
-Says it has “few legal applications”
-Gaslights by saying the non-white, working-class majority of US BTC buyers has been hurt
-Govt has “failed to protect the public” from BTChttps://t.co/FMF0mfsh6I— Alex Gladstein 🌋 ⚡ (@gladstein) January 28, 2022
“What about the fall of the US dollar due to inflation? Bitcoin fixed that,” wrote Tyler Winklevoss, CEO of the Gemini bitcoin exchange.
What about the US dollar crash via inflation? Bitcoin fixes this https://t.co/SYNxQTmBV5
— Tyler Winklevoss (@tyler) January 28, 2022
According to Reed College philosophy professor and bitcoin advocate Troy Cross, the essence of Krugman’s message is that only the rich are smart enough to invest in cryptocurrencies.
“Make it illegal for everyone else. But… Krugman himself — a rich, white Nobel laureate — missed out on a $3 trillion asset class,” he added.
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.
But… Krugman himself is a rich, white, Nobel laureate who missed a $3t asset class while plebs around the world front ran him.
— Troy Cross (@thetrocro) January 28, 2022
Earlier, the founder of SkyBridge Capital, Anthony Scaramucci, suggested that holders of long positions on bitcoin calm down and continue to hodl.
Recall, the head of the Binance bitcoin exchange, Changpeng Zhao, announced the need for cryptocurrencies for the dynamic development of economies.
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