New York Times' Paul Krugman calls cryptocurrencies a 'scam'

New York Times columnist Paul Krugman also compared cryptocurrencies to the 2008 housing bubble.

New York Times opinion columnist Paul Krugman labeled cryptocurrencies a ‘scam’ in an op-ed published Monday.

The piece, titled "From the Big Short to the Big Scam," compared cryptocurrencies

to the 2008 housing bubble that contributed to the Great Recession.

The 2010 book by Michael Lewis, made into a 2015 film, told the story of the 2008 global financial crisis

by following a handful of investors who were willing to bet on the unthinkable

the proposition that the huge rise in housing prices in the years before the crisis was a bubble,

and that many of the seemingly sophisticated financial instruments that

helped inflate housing would eventually be revealed as worthless junk."