As an analyst with a background similar to Roubini, having witnessed and predicted the global financial crisis, I can understand his cautious stance towards Bitcoin. His skepticism is rooted in his deep understanding of economics and finance, which he has honed over decades. He sees Bitcoin’s lack of scalability, inherent volatility, and questionable intrinsic value as significant red flags.
Despite Bitcoin‘s recent remarkable surge, renowned critic Nouriel Roubini remains unconvinced and has yet to embrace it.
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.
Additionally, he points out that the extensive cryptocurrency lacks the necessary scalability for transactional use.
Although Bitcoin is gradually eroding the dominance of gold in the market, Roubini considers it unreliable as a medium for storing value.
Previously, he expressed the opinion that Bitcoin held no value and that its cost was artificially inflated through manipulation.
In the year 2021, a financial analyst stated emphatically that any institutional investor taking an imprudent risk with Bitcoin should face immediate termination.
In early 2022, Roubini expressed his joy over Bitcoin’s price drop on social media platforms. “Currently, Bitcoin is trading at around 36K, which is nearly half of its all-time high (ATH) in November. Those who predicted it would reach 100K, 200K, or even 400K by now have been proven wrong,” he stated. “It must be disappointing for the retail investors who bought it when it was priced at 69K last fall, while the ‘whales’ were selling it off!
However, the cryptocurrency is now approaching the much-coveted $100,000 mark.
Despite Bitcoin reaching close to six digits, Roubni seems firm in his belief that it’s essentially an asset without any inherent worth.
Many individuals who initially doubted or criticized Bitcoin have eventually adopted it as their preferred cryptocurrency. Michael Saylor, a co-founder of MicroStrategy and now a prominent advocate for Bitcoin, is one such convert. However, skeptics like Nouriel Roubini and gold enthusiast Peter Schiff continue to staunchly oppose the use of digital currencies.
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2024-11-29 23:17