The troubled cryptocurrency market was criticized by economist Nouriel Roubini, widely known as “Dr. Doom,” on Wednesday.
According to Roubini, a prominent expert on the world economy known for his pessimistic forecasts, Literally, 90% of cryptocurrency is a fraud. one that is illegal. A completely busted real-bubble Ponzi scheme.
Traders jumped into bitcoin during its all-time highs, he claimed, causing vulnerable retail players to lose a ton of money from investing in digital assets. According to Messari, since its peak in November 2021, cryptocurrency has fallen by over 70%.
You must avoid using cryptocurrencies. You must categorically avoid this area, added Roubini. The majority of these people should be incarcerated. They are all, in fact, thieves.
The former New York University economics professor attacked Sam Bankman-Fried, the disgraced creator of the collapsed cryptocurrency exchange FTX, in a speech outside the World Economic Forum in Davos, Switzerland.
He continued, FTX and SBF are not an exception – they are a rule.
US authorities accuse Bankman-Fried of directing a multi-year plan to mislead investors; he entered a not-guilty plea to eight felony counts earlier this month. After losing at least $8 billion in customer funds, FTX declared bankruptcy in November.
An additional alarm has just been raised by Roubini, one of the first experts to predict the 2008 crisis, about a stagflationary debt catastrophe.
He also predicted that the Federal Reserve will give up fighting inflation last week and that gold is the best insurance for investors as volatility damages the economy.
