During the CC Forum 2019 conference in London on Oct. 16, Dr. Doom, otherwise known as Economist Nouriel Roubini, finally admitted that Bitcoin is a store of value.
“Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable […] in spite of its rally earlier this year, it’s lost 60% in value since its peak, so I don’t see it going anywhere frankly.”
“I’d take the U.S. dollar over any one of your s***coins,” he told BTCC founder Bobby Lee, arguing that financial innovation, albeit imminent, would instead come from implementations of AI, big data and IoT technologies in the fintech space, reported Coin Telegraph.
Roubini noted that as an analyst of financial crises, he is “not a defender of the traditional financial system.” He nonetheless forcefully argued that central banks’ responses to 2008 — such as coordinated monetary policy and the Fed assuming the role of “lender of last resort” — had worked and prevented the Great Recession from becoming “a Great Depression 2.0.”
Roubini hedged his comments however, “‘Even the Flintstones had a more sophisticated system of value than crypto.”
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