The renowned economist Nouriel Roubini, known as' Dr. Doom '(Doctor Catastrophe) for his infallible forecasts, has alerted US senators about the dangers of the most popular cryptocurrency: bitcoin.
Roubini was one of the few who predicted the 2008 financial crisis, notes CNBC.
A few minutes after testifying at a hearing in the US Congress, Roubini rang the alarm about the multiple threats that digital assets have.
"The cryptocurrency is the mother, or the father, of all the scams and bubbles," said the economist and also a professor at the University of New York, in a hearing before the United States Senate Committee on Banks, Housing and Community Affairs. .
The expert in international financial markets said that the first warning sign came at the end of last year when the bitcoin approached a maximum of almost $ 20,000. "Literally, all the human beings I met between Thanksgiving and Christmas 2017 asked me if they should buy the cryptocurrency," Roubini confessed.
"Especially people with zero financial education, individuals who could not distinguish between stocks and bonds, went into a manic frenzy to catch and capture cryptocurrencies," Roubini said in his testimony.
According to Roubini, "swindlers, criminals, charlatans", etc., took advantage of ordinary people's fear of missing an opportunity to earn money to cheat them later with assets that went into crisis and "fell, in a matter of months, as it has not been seen in the entire history of financial bubbles. "
Since the height of the frenzy, bitcoin has fallen more than 65%, in what Roubini calls 'crypto-apocalypse'. The total market capitalization of cryptocurrencies has been reduced by more than 60%, according to data from CoinMarketCap.com. The bitcoin itself fell by 6%, to a minimum of $ 6,125.75, this October 11.
The economist has also expressed himself very aggressively about his underlying technology, known as blockchain or blockchain. Roubini sees almost no reason for its widespread adoption.
"Now that the cryptographic bloodbath is in sight, the new refuge of criminal scoundrels is the 'blockchain', the underlying technology of cryptography that is now the cure of all global problems, including poverty, famine and Even deadly diseases, in fact, the chain of blocks is the most exaggerated and least useful technology in the history of humanity, in practice, it is not better at all than a spreadsheet or a glorified database, "he stressed. .
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