"Dr. Doom" predicted the crash of Bitcoin

Professor of Economics at the Stern School of Business at New York University Nouriel Roubini thinks that Bitcoin is a giantic speculative bubble
09 November 2017   1253

Professor of Economics at the Stern School of Business at New York University Nouriel Roubini called the price growth of bitcoin and other crypto-currency "a giantic speculative bubble." He stated this in an interview with Business Insider.

Roubini is also known as Doctor Doom, as he predicted the financial crisis of 2008. Despite the fact that he regards the technology of the distributed ledger as promising, the scientist sees no fundamental factors for maintaining the current price of bitcoin. Roubini also pointed to the lack of "serious" prerequisites for the storage of capital in bitcoin.

The bitcoin feeds on itself. There are no fundamental reasons for its price to reach such levels. What’s more – it is also used by criminals, for their shady business. I think that more and more countries will start to make cryptocurrency exchanges illegal like China did. New regulations will be adopted. So, this will find its end.  

Nouriel "Dr. Doom" Roubini

Professor of Economics, Stern School of Business at New York University

It is worth noting that Roubini is not the first to attack the first crypto currency. Back in 2014, he called bitcoin a "financial pyramid" because of the excessive volatility of the price and the closure of the Mt.Gox stock exchange. 

Iranian Central Bank Doesn’t Recognize Bitcoin as Official Currency

The Central Bank of Iran announced that it has never recognized Bitcoin as an official currency and conducts no transactions in it or other cryptocurrencies  
22 February 2018   38

Last year, the Iranian government was interested in utilizing cryptocurrencies as a way of bypassing economic sanctions levied against the country. Today it completely changed its mind. The Central Bank of Iran announced that it will never recognize Crypto as official currency.

The bank informed citizens about risks of making investments because there is a chance to lose financial assets. Currently, the bank is cooperating with other institutions to develop mechanisms to control and prevent the use of cryptocurrencies in the country.

The wild fluctuations of the digital currencies along with competitive business activities underway via network marketing and pyramid scheme have made the market of these currencies highly unreliable and risky.

The Central Bank of Iran

However, there is some positive news. Today, Iran’s Information and Communications Technology (ICT) Minister Mohammad-Javad Azari Jahromi informed about the development of a local cryptocurrency by Post Bank. Unfortunately, the stage of research is not stated.