Economist and notorious cryptocurrency critic Nouriel Roubini has claimed that crypto “as a technology has absolutely no basis for success.” Roubini delivered his new anti-crypto arguments in an interview with the CFA Institute on March 6.
In conversation with the global professional investor association, Roubini, a New-York-based economist who famously predicted the 2008 financial crisis, has once again reiterated his negative stance towards the crypto and blockchain space.
The prominent economist stated that the entire crypto industry consists of assets that are neither money nor currency. He stressed that cryptocurrencies are neither stable in terms of bring a store of value, nor a scalable means of payment.
As an example of crypto’s flaws, Roubini pointed to the extreme bull market during the second half of 2017, arguing that “millions of people” were buying crypto because of a fear of missing out, but didn’t “know anything about finance or portfolio investments.”
Roubini has excluded blockchain tech from the list of major technologies that will lead to a manufacturing or fintech revolution, including artificial intelligence, machine learning, big data, and the Internet of Things. Roubini again stated that the “real revolution in financial services is fintech, but fintech has nothing to do with crypto.”
“Fintech is going be a combination of artificial intelligence and big data and the ubiquitous internet. It will revolutionize payment systems, credit allocation, capital market functions, insurance, investment management, financial advice, etc.”