The New York Times Calls Crypto the "New Subprime"

Economist Paul Krugman, writing for The New York Times, compared it to cryptocurrencies and the 2008 subprime mortgage crisis. In his scathing view, Krugman cites a nearly 50% drop in total market capitalization from its November 2021 high, saying it's the unwitting players who suffer the most. He has since compared the subprime mortgage crisis to digital currencies, while seizing the opportunity to revisit controversial arguments, including the role of crypto in money laundering and tax evasion. Krugman's main point revolves around the precarious financial situation of "excluded groups" who are neither ready nor financially secure to withstand.