Bitcoin is the ‘mother of all scams’ and blockchain is most hyped tech ever, Roubini tells Congress


Global economist Nouriel Roubini, one of the few who predicted the 2008 financial crisis, is making sure U.S. senators don’t miss his warning on cryptocurrency.

Within minutes of testifying at a congressional hearing on Capitol Hill on Thursday, Roubini sounded alarms on multiple aspects of the new digital asset class.

“Crypto is the mother or father of all scams and bubbles,” Roubini, also a professor at New York University, told the U.S. Senate Committee on Banking, Housing and Community Affairs at a hearing.

The self-described expert on international financial markets, asset and credit bubbles and their bust, said the first warning sign came after late last year as bitcoin neared a high of almost $20,000. Roubini told senators that “literally every human being I met between Thanksgiving and Christmas of 2017” asked him if they should buy cryptocurrency,

“Especially folks with zero financial literacy – individuals who could not tell the difference between stocks and bonds – went into a literal manic frenzy of Bitcoin and Crypto buying,” Roubini said in prepared testimony.



Published on: 2018-10-12 01:55:24

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