Paul Krugman: Bitcoin's Recent Crash Stands Out Due to Politicization

Nobel laureate Paul Krugman has highlighted a distinct aspect of the recent Bitcoin crash, attributing its uniqueness to the politicization of the cryptocurrency. According to NS3.AI, Krugman notes that in previous cycles, Bitcoin's price was buoyed by libertarian ideology, which served as a robust foundation for recovery following downturns. However, he argues that Bitcoin has now evolved into a political product, resulting in a loss of ideological trust and distinguishing the current market decline from past events.