Paul Krugman explains why Tesla is like Bitcoin

NY Times economist Paul Krugman touts Elon Musk’s reputation as a genius and points out that Tesla doesn’t have the long-term credentials for the EV car market. How long Musk will live up to the reputation built on his fanboy back, and while we see little to no good evidence of his superior leadership or intelligence, Tesla’s clock is ticking.

New York Times:

In short, electric vehicle production doesn’t look like a network externality business. Do you know what you actually do? Twitter is a platform many of us still use because so many others use it. But monetizing the use of Twitter is clearly difficult, not to mention as Musk tries to figure out how much the user experience degrades to defeat network externalities and alienate customers. Not to mention the fact that it can be seen.

This brings us back to the question of why Tesla was worth so much. I was able to find a long life money machine.

And like I said, there are parallels here with Bitcoin. Despite years of effort, no one has yet been able to find serious uses for cryptocurrencies other than money laundering. , still maintained by a hardcore group of true believers.