The FTX disaster has produced no shortage of hot takes but the spiciest of them all came from The Economist. The lead story in the venerable magazine's latest issue—titled "Is this the end of crypto?"—is accompanied by a cover depicting meteors striking the earth. The prose is withering.
"Never before has crypto looked so criminal, wasteful, and useless," writes The Economist of the post-FTX fallout. "Big personalities, incestuous loans, overnight collapses—these are the stuff of classic financial manias, from tulip fever in 17th-century Holland to the South Sea Bubble in 18th-century Britain to America’s banking crises in the early 1900s."
