Bitcoin [BTC] and cryptocurrencies are the biggest bubbles, scams in history, says Nouriel Roubini
An unceasing critic of Bitcoin [BTC] and other cryptocurrencies, Nouriel Roubini, alleged that cryptocurrencies are the “mother of all scams”, in a recent statement.
In a testimony for the hearing of the US Senate Committee on Banking, Housing and Community Affairs On Exploring the Cryptocurrency and Blockchain Ecosystem, he also said that blockchain was the most “over-hyped technology ever”.
He compared blockchain to a normal spreadsheet and database and said that it was only as effective as them, irrespective of whatever technology it was using.
The financial market expert, popularly known as Mr. Doom for his perpetual bearishness, said that we were in a post-apocalypse world following the cryptocurrency bubble burst a year ago.
He blames the wrong attention for the “maniacal frenzy” for buying Bitcoins and said that it was a breeding ground for illegal activities. He states in his testimony:
“Scammers, swindlers, criminals, charlatans, insider whales and carnival barkers (all…
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