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Nouriel Roubini Maintains Skepticism Despite Bitcoin's Surge

01/12/2024 02:09

According to U.Today, Nouriel Roubini, a prominent critic of cryptocurrencies, remains unconvinced by Bitcoin despite its recent significant rally. The Turkish-born American economist, known for predicting the global financial crisis in the late 2000s, has reiterated his skepticism towards Bitcoin, citing several reasons for his stance. Roubini argues that Bitcoin fails to function effectively as a currency or a unit of account. He also highlights its lack of scalability, which he believes hinders its use for payments. Roubini further dismisses Bitcoin's potential as a store of value, even as it begins to encroach on gold's market share. He has previously labeled Bitcoin as "worthless" and accused its price of being manipulated. In 2021, Roubini criticized institutional investors for engaging with Bitcoin, suggesting they should be dismissed for such actions. He also took to social media in early 2022 to express satisfaction over Bitcoin's price drop, mocking predictions that it would reach much higher values. Despite Bitcoin's approach towards the $100,000 mark, Roubini remains steadfast in his belief that it is a pseudo-asset lacking intrinsic value. While some former skeptics have embraced Bitcoin, such as MicroStrategy co-founder Michael Saylor, Roubini, alongside other critics like Peter Schiff, continues to oppose the cryptocurrency fervently.

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