New York University professor Nouriel Roubini called the cryptocurrency industry a criminal activity, and 99% of crypto assets are fraud and pyramid schemes.
Speaking at the World Economic Forum in Davos, Nouriel Roubini, Chairman of Roubini Global Economics, a research company that studies international macroeconomic and market strategies, expressed his negative beliefs about the crypto industry. He mentioned the collapse of the FTX exchange and its founder Sam Bankman-Fried, who faces several fraud charges. According to Roubini, the situation with FTX is not an exception at all, but an increasing pattern in the industry.
The professor advised the public not to invest in cryptocurrencies. According to his reasoning, 99% of bitcoin investors did not buy it at $1,000 or even $10,000 per coin. Most of them experienced the Lost Profit Syndrome (FOMO) in 2021, when Bitcoin skyrocketed from $20,000 to $69,000, and bought it at an inflated price. This means investors are shirtless, the crypto skeptic said.
In November, Roubini lashed out at Binance CEO Changpeng Zhao, calling him a “walking time bomb.” Roubini is known to be a vocal opponent of cryptocurrencies, with the economist announcing work on a tokenized alternative to the US dollar in May.
Source: CryptoNewsHerald.com
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