with Tom Keene and Francine Lacqua on Bloomberg Television. There are more than 1,300 cryptocurrencies or initial coin offerings, and most of them are even worse than the largest digital token. Bloomberg, stay Updated With On BloombergQuint. Blockchain has been around for 10 years, and the only application is cryptocurrencies, which is a scam, the New York University economist added. Bitcoin dropped below 8,000 Friday, a 60 percent tumble from its peak of 19,511 on Dec. In another salvo aimed at crypto bulls, Bitcoin is an environmental disaster, he said, citing its soaring energy costs.
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Copyright 2019 Bloomberg News. It isnt just Bitcoin, Roubini added. Doom isnt mincing his words when it comes to the crypto boom and bust. These constitute a a bubble to the power of two or three, he said. Nouriel, roubini, Roubini, macro Associates chairman, discusses the downsides to cryptocurrencies and calls. Bitcoin the mother of all bubbles. He speaks on Bloomberg.
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