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“Cryptocurrencies are the “mother of all scams,” and blockchain is “the most overhyped — and least useful — technology in human history: In practice it is nothing better than a glorified spreadsheet or database,” Nouriel Roubini, professor of economics at New York University’s Stern School of Business, told senators on Thursday.
Roubini, who famously predicted the 2008 credit and housing bust, testified before the Senate Banking Committee during a hearing on the cryptocurrency and blockchain ecosystem, that the “crypto bloodbath is in full view” and that “the new refuge of the crypto scoundrels is ‘blockchain.’”
He proclaimed that the “entire cryptocurrency land has now gone into a crypto-apocalypse as the mother and father of all bubbles has now gone bust.”
Since the peak of this bubble late last year, Roubini said, Bitcoin “has fallen by about 70% in value (depending on the week). And that is generous.”