In the run-up to the financial crisis, which had already begun to spread around the world by 2008 at the latest, Nouriel Roubini drew a dramatic picture of the impending economic problems. In a recent hearing before the US Senate, Roubini expressed concerns about a possible “apocalypse” in the crypto market.
Professor thinks nothing of Bitcoin and Blockchain
The opinions on the future of Bitcoin and other crypto currencies were previously divided. The obvious reason is the slump in share prices in recent months. “Dr. Doom”, as the economist Roubini has been called in the media since his predictions on the financial crisis, has long been one of the more critical voices among economic experts. Not only did the Bitcoin get off very badly in his statement, the star economist also considers the blockchain as a whole a bubble. The expert finds great words here, for example he spoke of “the mother of all fraud”. In Roubini’s assessment, digital currencies as a whole are far from doing well.
Blockchain: Temporary hype or model of the future?
The professor of economics and company boss considers the hype surrounding the Blockchain technology to be extremely critical, and the Blockchain is also completely overvalued, according to the hearing. For the crypto critic, it was probably the boom in 2017 at the latest and the slump to just over 6,000 US dollars this week that confirmed his poor opinion of the alleged bubble, which had been known for years. Many other analysts are more likely to talk about price adjustments, although this will be of little comfort to investors who decided a few months ago to buy Litecoin or to invest money in EOS. If one compares the current prices of some currencies such as the Bitcoin with the prices at the beginning of 2017, the criticism is put into perspective.
Finally, at the beginning of the record hunt, Bitcoin recorded a price of around one sixth of the current market price up to a maximum of around 20,000 dollars. However, Roubini’s statement cannot be dismissed: In fact, there are countless coins and tokens whose developers are mainly out on their own sales. Some investors have lost large parts of their assets. However, this does not change the fact that there are many successful models within the crypto world.