(Boursier.com) - The US economist Nouriel Roubini, known for his rather pessimistic statements on the financial markets, "dropped" Friday on the bitcoin. In an interview with 'Bloomberg TV', the one who had announced in 2007 the bursting of the bubble of mortgage loans "subprime", said that bitcoin was the "biggest bubble in the history of humanity", far in front of the bulbs of tulips, which ignited the Netherlands and Europe in the 17th century before exploding.
The one the markets dubbed "Dr Disaster" ("Dr. Doom") called the swelling of the bitcoin price of "mother of all bubbles", whose bursting began. The price of cryptocurrency had exploded in 2017, from less than $ 1,000 in January to nearly $ 20,000 in December. But it then collapsed 60% from its record, to return around $ 8,000 Friday.
A speculative bubble, but also an "environmental disaster"
"It's not just bitcoin," adds Nouriel Roubini, recalling that there are more than 1,300 virtual currencies (including ethereum, ripple, bitcoin cash, NEM ...), whose bubbles are "much worse, at power 2 or 3 "compared to that of bitcoin. The latter is the main cryptocurrency with a capitalization of about 146 billion dollars, which represents about 35% of the world market of "cryptos".
The economist went so far as to question the usefulness of the technology that underproduces bitcoin, the "blockchain", which interests many economic players wishing to secure data transfer. According to the economics professor at New York University, "the blockchain has been around for 10 years and its only application has been cryptocurrency, which is a scam."
To drive the point, Nouriel Roubini also ruled that the "cryptos" were "an environmental disaster" insofar as their design by computer servers ("mining") is particularly devouring energy.
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https://www.boursier.com/crypto-monnaies/actualites/news/bitcoin-la-plus-grosse-bulle-de-l-histoire-de-l-humanite-755805.html