Renowned economist Nouriel Roubini argues that cryptocurrency will not shape the future of money, citing the ongoing crash in Bitcoin and other leading tokens. Roubini expressed skepticism in a Project Syndicate op-ed, stating that Bitcoin failed to meet expectations as “digital gold” and highlighting the highly volatile nature of cryptocurrencies.

Roubini emphasized that gold outperformed Bitcoin last year, reinforcing the risks associated with the cryptocurrency market. He further warned that decentralized finance will not achieve significant scale and governments will not allow full anonymity in financial transactions, including the Trump administration.

The economist also raised concerns about stablecoins, regulated under the GENIUS Act, which could destabilize traditional banking systems and potentially trigger bank runs. Roubini’s reputation as a predictor of the 2008 financial crisis adds weight to his views on cryptocurrencies and the risks they pose to the financial sector.

Roubini’s criticism of cryptocurrencies aligns with his previous statements, including calling Bitcoin the “mother of all scams” in 2018. His expertise in economic forecasting and his track record in predicting financial crises provide credibility to his warnings about the dangers of investing in digital assets.

Read more at Yahoo Finance: ‘Dr. Doom’ Nouriel Roubini Sees An Incoming ‘Crypto Apocalypse,’ Warns Policymakers To Wake Up Before It’s Too Late