Nobel Laureate Paul Krugman has joined the ranks of the world’s intellectuals and business moguls to give the thumbs-down to cryptocurrency.
Last June, the American economist drew parallels between the cryptocurrency craze and the real estate bubble of the mid-2000s, stating that consumers’ belief in crypto assets is comparable to their enthusiasm in the US home market prior to its collapse.
Fast forward six months, Krugman has compared the crypto to Tesla and its stocks.
On Tuesday, Krugman wrote an opinion piece in the New York Times regarding Tesla, bitcoin, and their massive market prices.
In his article, he inquired:
“Did the Tesla story ever make sense?”
He added:
“Tesla and bitcoin may have more in common than you think.”
Tesla Stocks Down
Krugman’s remarks came after Tesla’s stock fell 11.4% in response to reports that the company reduced its manufacturing output in China.
Between the first week of January 2020, and November 2021, Tesla’s stock pric
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