Tags: roubini | bitcoin | bubble | history

Roubini: Bitcoin Is the 'Biggest Bubble in Human History'

(Splotnikov/Dreamstime)

Friday, 02 February 2018 10:52 AM

“Dr. Doom” isn’t mincing his words when it comes to the crypto boom and bust.

Nouriel Roubini of Roubini Macro Associates said Bitcoin is the “biggest bubble in human history” and this “mother of all bubbles” is finally crashing, in an interview with Tom Keene and Francine Lacqua on Bloomberg Television.

Bitcoin dropped below $8,000 Friday, a 60 percent tumble from its peak of $19,511 on Dec. 18.

It isn’t just Bitcoin, Roubini added. There are more than 1,300 cryptocurrencies or initial coin offerings, and “most of them are even worse” than the largest digital token. These constitute a “a bubble to the power of two or three,” he said.

Blockchain has “been around for 10 years, and the only application is cryptocurrencies, which is a scam,” the New York University economist added.

In another salvo aimed at crypto bulls, Bitcoin is an “environmental disaster,” he said, citing its soaring energy costs.

© Copyright 2019 Bloomberg News. All rights reserved.

   
1Like our page
2Share
StreetTalk
Nouriel Roubini of Roubini Macro Associates said Bitcoin is the “biggest bubble in human history” and this “mother of all bubbles” is finally crashing, in an interview with Tom Keene and Francine Lacqua on Bloomberg Television.
roubini, bitcoin, bubble, history
152
2018-52-02
Friday, 02 February 2018 10:52 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved