Roubini: bitcoin is not even an asset but a bubble and a scam

Source: Sina Finance Bitcoin and other digital currencies should not even be considered money because they lack many of the basic features that money must have, said New York University economist Rubini, who is known as Dr. doomsday, on Wednesday. “The flints all have a better monetary system than bitcoin,” he said “Fundamentally, bitcoin is not a currency,” Roubini said. It’s not a unit of account, it’s not a scalable way of payment, it’s not a stable store of value. ” “It’s a misnomer to call them cryptocurrencies, they’re not even assets,” he added Roubini’s latest attack on cryptocurrency comes at a time when bitcoin is experiencing a historic rise, breaking through $51000 on Wednesday and $52000 shortly after his interview. When asked why bitcoin prices continued to soar, Roubini replied, “it’s because there’s a lot of manipulation, shipping scams, cheating, dumping and preemptive trading.” “I think it’s a bubble,” he added Roubini also pointed out that the limitation of transaction cost and transaction speed per minute may be a problem for bitcoin’s scalability. “Transaction costs are huge, but the technology allows no more than five transactions per second, while the visa network allows 24000 transactions per second,” he said

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