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.