Nouriel Roubini Says Regulation Will Kill BitcoinNovember 8, 2017 7:43 pm
Speaking to Business Insider while in Warsaw, Poland, Nouriel Roubini, the economist who describes himself as “Mr. Realist” and person responsible for the 2008 financial crisis says Bitcoin “will find its end,” Cointelegraph.com reported Wednesday.
Roubini said regulation would ultimately be the nail in the coffin for Bitcoin, the report said.
“I think that more and more countries will start to make cryptocurrency exchanges illegal like China did,” Roubini said, adding “New regulations will be adopted. So, this will find its end,” the report said.
Because of his bearish views, the report continued, Roubini has earn the nickname ‘Dr. Doom’ for his view on Bitcoin as he has echoed similar doom mongers such as JPMorgan CEO Jamie Dimon and ‘Wolf of Wall Street’ Jordan Belfort.
“In my opinion, there is a gigantic speculative bubble related to the Bitcoin,” he said, “… Because this is neither a serious method of payment nor a good way to store capital. The Bitcoin feeds on itself.”
This week there have been ominous warnings Bitcoin’s fate could lie in a dotcom-style bubble popping as the virtual currency remains around all-time highs of more than $7,000.
At the same time, other global finance leaders have turned bullish on Bitcoin’s future, the report said.
CME Group Chairman Emeritus Leo Melamed hailed it as a new asset class ahead of the FX trader’s move to introduce Bitcoin futures as early as next week.
– WN.com, Jack Durschlag