Paul Krugman: Politicization makes this BTC crash different

Nobel laureate in economics Paul Krugman has argued that the recent Bitcoin crash is different from previous cycles. According to U.Today, the City University of New York professor wrote on his blog that Bitcoin's rise was primarily driven by political factors, and the current downturn represents a crisis of trust in those factors. He explained that in the past, a libertarian ideology provided a floor for Bitcoin's price. This faith, backed by a strong ideological foundation, allowed it to recover from several major crashes. However, Krugman believes Bitcoin has now become a political product, and this ideological price defense will no longer be effective, concluding that the situation appears different this time.