Harvard Finance Professor: Crypto Is 'Magical Thinking' That 'Infected Capitalism'

Frank Landymore

"It is the minimizing of constraints and trade-offs in favor of techno-utopianism and the exclusive emphasis on positive outcomes and novelty," he adds. "It is the conflation of virtue with commerce."Some of this thinking, Desai argues, arose from the aftermath of the 2008 financial crisis and the ensuing recession. The despair, shattered faith in economic institutions, and general disillusionment, collectively fostered a "receptivity to radical economic solutions.

Crypto, was new, appealing, and seen as a way to get rich that eschewed traditional channels without much government oversight, even though most didn't fully understand it. But the technology benefited from its vague promise of a better currency and a better world, decentralized and free of untrustworthy financial institutions.But ironically, Desai may be a little guilty of the magical thinking he ascribes to crypto boosters.

'This imaginary thing is threatening the imaginary thing I worship!! 😫'

🤣 but what irony! as if capitalism is not magical thinking too 🤦‍♂️

🙌🍻💵

I, too, am susceptible to magical thinking; investors and gamblers should not mix their lines of thought.

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