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Roubini Macro Associates CEO and Atlas America Fund portfolio manager economist Nouriel Roubini reiterated his skepticism towards Bitcoin, describing BTC as a 'speculative asset' and rejecting its potential as a legitimate currency or protection against inflation.
Roubini, who spoke about the recent increase in Bitcoin prices, drew attention to the volatility inherent in Bitcoin and the lack of fundamental utility as a medium of exchange.
Roubini criticized Bitcoin and other cryptocurrencies for not meeting the basic requirements of a currency. He argued that Bitcoin is neither a scalable payment instrument nor a stable store of value. Referring to its past extreme price fluctuations, he stated, 'Bitcoin is not an economic unit of account, not a stable store of value, and not a scalable payment instrument'.
Drawing attention to the example of El Salvador, where Bitcoin has started to be used as a legal tender, he said that less than 1% of the transactions in the country are conducted using cryptocurrency. He added, "I don't think Bitcoin will ever become a currency."#HotTopicDiscussion