In his op-ed "The Crypto Collapse and the End of Magical Thinking" for The New York Times, Harvard finance professor Mihir A. Desai discusses his thoughts on the current state of the crypto market. He argues that the popularity of crypto is driven by a "magical thinking" that has infected capitalism, and that it is not backed by tangible assets or intrinsic value. He also mentions that crypto has been used to justify financial excesses and that the crypto market is a speculative bubble that is bound to burst. He also suggests that he has found that the young audience he polls know little about crypto and that they are buying it because they believe it will make them rich in the short term.
A Contrary View for the Web 3 Optimists
A Contrary View for the Web 3 Optimists
A Contrary View for the Web 3 Optimists
In his op-ed "The Crypto Collapse and the End of Magical Thinking" for The New York Times, Harvard finance professor Mihir A. Desai discusses his thoughts on the current state of the crypto market. He argues that the popularity of crypto is driven by a "magical thinking" that has infected capitalism, and that it is not backed by tangible assets or intrinsic value. He also mentions that crypto has been used to justify financial excesses and that the crypto market is a speculative bubble that is bound to burst. He also suggests that he has found that the young audience he polls know little about crypto and that they are buying it because they believe it will make them rich in the short term.