The New York TimesThe New York Times

Did the Tesla story ever make sense?

By Paul Krugman

28 Dec 2022 · 4 min read

Editor's Note

Tesla and Bitcoin may have more in common than you think, writes NYT columnist Paul Krugman. Despite falling out of favor with investors, both can rely on a group of true believers to sustain them.

If you’re one of those people who bought bitcoin or another cryptocurrency near its peak last fall, you’ve lost a lot of money. Is it any consolation to know that you would have lost a similar amount if you had bought Tesla stock instead?

OK, probably not. Still, Tesla stock’s plunge is an opportunity to talk about what makes businesses successful in the information age. And in the end, Tesla and bitcoin may have more in common than you think.

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