Prominent economist Nouriel Roubini has begrudgingly recognized Bitcoin as a “partial” store of value during his recent interview with Yahoo! Finance:
“It may be a partial store of value because unlike thousands others (what I call s***coins) it cannot be so easily debased because there is at least an algorithm that decides how much the supply of Bitcoin raises over time.”
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He adds that most altcoins are literally worse that the U.S. Federal Reserve, which is a popular talking point of Bitcoin maximalists who take a significant amount of pride in the cryptocurrency's hard-capped 21 mln supply.
That’s a start
Make no mistake — “Dr. Doom” remains very critical of crypto and he doesn’t even consider it a currency.
Roubini describes the very term “cryptocurrency” as a “misnomer” since it cannot function as a unit of account.
He went on to criticize Bitcoin’s lack of scalability — its five transactions per second pale in comparison to Visa’s 25,000.
Finally, Roubini took aim at the coin’s volatility that prevents it from being a full-pledged.
Still, by distancing Bitcoin from thousands of altcoins, Roubini might be finally changing his tune.
The threat of CBDCs
Roubini — who was ridiculing Bitcoin when it was trading below $60 in April 2013 — now predicts that central bank digital currencies (CBDCs) are going to make crypto obsolete:
“Once you have a central bank digital currency, every individual can use an account with a central bank to do payments. So not only you don’t need crypto, you don’t even need Venmo, you don’t even need a bank account, you don’t even need a check.”
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While multiple major economies are rushing to roll out CBDCs, Binance CEO Changpeng Zhao described them as “restricted” in an October interview.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team
