Dr. Doom Nouriel Roubini: Bitcoin is a huge speculative bubble feeding itself
Another well-known commentator decided to speak out against cryptocurrencies against the background of the growth of the bitcoin rate.
In a conversation with Business Insider, Nouriel Roubini, professor of economics at the Leonard N. Stern School of Business at New York University, expressed skepticism about Bitcoin and its analogues, calling the games taking place “a huge speculative bubble.”.
Rubini, who earned the nickname Dr. Doom’s accurate prediction of the financial crisis in 2008, believes that bitcoin lacks reliable methods of making payments and storing capital, and there are no fundamental reasons that could explain the current level of the cryptocurrency exchange rate. In his opinion, bitcoin “feeds itself”.
“In addition, criminals use it to carry out their dark deeds. I think more and more countries will ban cryptocurrency exchanges, as they did in China. New regulatory requirements will be adopted. This will end it, ”says Roubini.
Note that Dr. This isn’t the first time Doom has spoken out on Bitcoin. So, back in 2014, he called the cryptocurrency a financial pyramid, criticized it for the volatility of the exchange rate and did not mention the collapse of the Mt.Gox site..
Lately, many experts use the word bubble when describing Bitcoin, however, if financiers like Warren Buffett refer to cryptocurrency as a “real bubble”, Ethereum co-founder Joseph Lubin believes that Bitcoin is an example of a “good bubble.”.
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