The cryptocurrency market has become a 'postmodern pyramid scheme' and its stunning crash is an opportunity to regulate it, famed economist Paul Krugman says

Paul Krugman characterized the crypto market as a "postmodern pyramid scheme" in a New York Times op-ed. His comments come after a stunning crash that wiped out $2 trillion in crypto market cap. Fed Vice Chair Lael Brainard said the recent sell-off shed light on "serious vulnerabilities" in the crypto financial system. But this year's crypto crash could be a golden opportunity for regulation, Krugman said, and he hopes the Fed and other policymakers take it. The top economist previously called the digital asset the "new subprime" digital asset "the new subprime," he said in his latest salvo against crypto. The total market cap has since collapsed to less than $900 billion from a peak of $3 trillion last November Source