A known economist and crypto skeptic Dr. Nouriel Roubini, also known as Dr. Doom, recently eased his strict opinion on Bitcoin. Dr. Roubini changed his stance on Bitcoin amid the continuous growth of the digital asset. He revealed his new position on Bitcoin during an interview with Yahoo Finance on the 6th of November.
Dr. Roubini said:
“Now, based on the first few criteria, Bitcoin is not a currency. It’s maybe a partial store of value, because, unlike thousands of other what I call shitcoins, it cannot be easily debased….”
Before now, Dr. Roubini, who lectures at the New York University Stern School of Business, was a critic of digital assets. In 2014, Roubini called Bitcoin “a Ponzi scheme,” a lousy” store of value, and “a conduit for criminal/illegal activities.”
Till 2018, Roubini was against digital assets and blockchain, referring to the blockchain as “a glorified Excel spreadsheet.” He also said blockchain is “one of the most overhyped technologies ever.”
Also in 2019, Roubini said digital assets are “not as stable in terms of store of value.”
He added that the Bitcoin decline after its all-time-high of $20,000 in 2017 is because digital assets do not have fundamental value.
Currently, BTC is down 1.69% to $15,116.95.
Image Credits: Pixabay
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