TYLER COWEN: Global economy is no poorer for crypto’s crash

TYLER COWEN: Global economy is no poorer for crypto’s crash

2022-01-28 02:11:00 AM

TYLER COWEN: Global economy is no poorer for crypto’s crash

The bottom line is that even a large fall in crypto prices will not create a lot of social worries

Tyler CowenThe plunge shows that prices can fall sharply and suddenly without inducing a more general contagion. Picture: BLOOMBERGCrypto prices are tumbling. By one account, crypto assets have lost about $1.35-trillion globally since November, with some falling in price by 80% or more. Many investors feel a real pinch.

The good news is that the global economy, or for that matter US society, is not poorer. And thus there need not be much of an economic response to adjust to these new prices. (The flipside is that if crypto prices see another steep increase, there won’t be much cause to celebrate.)

Read more: Business Day »

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