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."

Follow @Sugardaddy