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Title : Krugman Gives Bitcoin Advice To His Barber

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Krugman Gives Bitcoin Advice To His Barber

I genuinely intend Paul Krugman is going to locomote correct on this ane (well. at to the lowest degree the piece of job I quote of a recent column of his).

He writes:

The other 24-hour interval my hairdresser asked me whether he should pose all his money inwards Bitcoin. And the truth is that if he’d bought Bitcoin, say, a twelvemonth agone he’d locomote feeling pretty skilful correct now. On the other hand, Dutch speculators who bought tulip bulbs inwards 1635 too felt pretty skilful for a while, until tulip prices collapsed inwards early on 1637.

So is Bitcoin a giant bubble that volition halt inwards grief? Yes...

Oh, too Bitcoin’s untethered nature too makes it highly susceptible to marketplace manipulation. Back inwards 2013 fraudulent activities past times a unmarried trader look to accept caused a sevenfold growth inwards Bitcoin’s price. Who’s driving the cost now? Nobody knows...

When it comes to cryptocurrencies there’s an additional factor: It’s a bubble, but it’s too something of a cult, whose initiates are given to paranoid fantasies well-nigh evil governments stealing all their money (as opposed to somebody hackers, who accept stolen a remarkably high proportion of extant cryptocurrency tokens). Journalists who write skeptically well-nigh Bitcoin tell me that no other champaign of written report generates equally much loathe mail.

So no, my hairdresser shouldn’t purchase Bitcoin. This volition halt badly, too the sooner it does, the better.

-RW

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