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An influential American economist who predicted the 2008 financial crisis now claims that bitcoin is a " gigantic speculative bubble "and that it will eventually end.
Nouriel Roubini, professor of economics at the Stern School of Business at the University of New York, spoke with Business Insider Poland during a country visit to the United States. Bank Pekao invitation. During the interview, Roubini, who earned the nickname "Dr. Doom, "expressed his views on the crypto market, especially bitcoin.
According to Roubini, bitcoin is not a "serious payment method" or a "good way to stock capital".
I think more and more countries will begin to make cryptocurrency trading like China illegal. New regulations will be adopted. So, this will end.
While claiming that digital currency is a "gigantic speculative bubble," he believes the blockchain will bring positive change, adding:
Blockchain creates a huge chance to increase productivity in many companies and I think technology is something very good.
His comments come at a time when Bitcoin has seen a rise in value in recent weeks. Just yesterday, at the news of BitGo's CEO, Mike Belshe, announcing the end of SegWit2x on the SegWit2x mailing list, the value of bitcoin soared to $ 7,800, again reaching a new record.
However, shortly thereafter, the value of the currency dropped to less than $ 7,000 to $ 6,977 as the market reacted to the news. As a result, greater market volatility is expected as SegWit2x cancellation occurs.
There is no doubt that the value of bitcoin would fall by nearly $ 1,000, which would fuel many criticisms against the digital currency.
Roubini's comments follow the likes of Jamie Dimon, CEO of JPMorgan Chase, who called Bitcoin "a fraud", adding later that it was worthless. "The billionaire investor and Saudi Prince Alwaleed bin Talal, arrested earlier this month." Money laundering, bribery and extortion, also added his voice to the list of critics In late October, he said that bitcoin "was going to implode" due to a lack of regulatory oversight.
Since the cancellation of SegWit2x, the price of bitcoin has slightly recovered. At the time of publication, it was trading at over $ 7,200 with a market capitalization of $ 120.3 billion, according to CoinMarketCap. It remains to be seen how market prices will change over the next few days and where it will go from here.
Image from Shutterstock.