Roubini Doubles Down on Crypto Criticism, Calls Blockchain 'Overhyped'
Unlike the internet, he wrote, blockchain's accessibility is lacking and it has only one application: cryptocurrencies, which in his view are an unsuccessful experiment based on the false claim that they cannot be devalued by banks and governments. He continued:
"According to its promoters, Bitcoin has a steady-state supply of 21 million units, so it cannot be debased like fiat currencies. But that claim is clearly fraudulent, considering that it has already forked off into three branches: Bitcoin Cash, Litecoin, and Bitcoin Gold. Besides, hundreds of other cryptocurrencies are invented every day, alongside scams known as 'initial coin offerings,' which are mostly designed to skirt securities laws."
