Bitcoin Crashing Is Actually Awesome News for Regular People, Economist Says
After a year of record gains for the crypto industry, recent forces have sent itinto a tailspin. Bitcoin, for example, reached dazzling heights of more than $120,000 in October — before crashing back down to around $88,000 today, about 12 percent down from where it was a year ago.
While that might be bad news for crypto bros or Robinhood day traders, one economist argues that the decline is actually good news for the rest of us.
Co-director of the Center for Economic and Policy Research Dean Baker argued in his blog Beat The Press this week that as the major cryptocurrencies fall, purchasing power for the rest of us goes up. In…
