Roubini Not Sold on Crypto Despite Record-Breaking Rally

Nouriel Roubini, one of the most prolific cryptocurrency critics, has not warmed up to Bitcoin even after the blistering rally experienced by the leading cryptocurrency.

The Turkish-born American economist, who famously predicted the global financial crisis in the late 2000s, recently mentioned a slew of reasons why he remains a crypto skeptic.

According to Roubini, Bitcoin cannot function either as a currency or a unit of account.

Moreover, he has noted that the large cryptocurrency does not have a sufficient level of scalability to be used for making payments.

While Bitcoin has started chipping away at gold’s market share, Roubini also does not view it as a store of value.

Earlier, he also asserted that Bitcoin was actually “worthless”, and its price was being manipulated.

Back in 2021, the financial commentator said that any institutional investor who was reckless enough to touch Bitcoin should be “fired on the spot.”

In early 2022, Roubini was celebrating Bitcoin’s price plunge on social media. “Bitcoin is now at 36K, almost 50% down from its November ATH. So much for those who predicted that by now it would be at 100k, 200k, 400k. And it must be painful to be so rekt for all retail suckers who bought it in the frenzy when it was 69k last fall while whales dumped it!” he said.

However, the cryptocurrency is now approaching the much-coveted $100,000 mark.

Even though Bitcoin ended up nearing six figures, Roubini appears to be convinced that it is just a pseudo-asset that has no intrinsic value.

There is no shortage of Bitcoin skeptics who ended up embracing the flagship cryptocurrency. MicroStrategy co-founder Michael Saylor, who has emerged as the main Bitcoin evangelist, is one of them. However, such longtime naysayers as Roubini and gold bug Peter Schiff remain unyieldingly anti-crypto regardless

Source