Top Economist Doubles Down on Bitcoin Criticism Despite $100K Milestone in Sight

Nouriel Roubini, a renowned economist and outspoken critic of cryptocurrencies, remains steadfast in his skepticism toward Bitcoin despite its recent rally toward the $100,000 milestone.

Known for predicting the 2008 financial crisis, Roubini has outlined several reasons why he views Bitcoin as fundamentally flawed. He argues that it fails as a currency or a unit of account, lacks scalability for widespread payment use, and cannot serve as a reliable store of value.

Roubini has consistently dismissed Bitcoin, previously labeling it “worthless” and accusing its price of being manipulated. He has also criticized institutional investors who embrace the cryptocurrency, famously stating in 2021 that any such actions should lead to immediate dismissal.

When Bitcoin’s value plummeted in early 2022, Roubini celebrated on social media, mocking predictions of six-figure valuations and highlighting the losses suffered by retail investors who entered during the previous peak.

While Bitcoin now edges closer to breaking the $100,000 barrier, Roubini remains unconvinced. He continues to describe it as a pseudo-asset with no intrinsic value.

Despite some prominent skeptics like MicroStrategy’s Michael Saylor reversing their stance to champion Bitcoin, Roubini and other critics, such as gold advocate Peter Schiff, have stayed resolute in their anti-crypto views.