Bitcoin is the “biggest bubble in human history” and is coming down “crashing”, Nouriel Roubini, the chairman of Roubini Macro Associates has warned.
Bitcoin plummeted to a two month low of $7,695.10 on Friday, according to CoinDesk.com. The cryptocurrency fell 4.72 percent to $8,625.50 at 14:57 in London.
Speaking to Bloomberg, Roubini said: “I say it is the mother of all bubbles.
“It is also the biggest bubble in human history if you compare it to say the Mississippi bubble or the tech bubble or Tulip mania or the South Sea bubble.
Asked whether it was bigger than tulip mania, he said it was “much worse”. Tulip mania was a craze in the Netherlands in the 17th Century which saw the price of the flower skyrocket. This resulted in a crash of that market in 1637.
Roubini said: “Much worse, if you look at the peak in the bitcoin it was higher than tulip mania.
“Now it has crashed by about 60 percent compared to the peak of mid-December, has crashed 30 percent the last week and 10 percent today and it’s all the way down to zero.
“The fundamental value of bitcoin is zero.”
He also said that it was not just bitcoin that was experiencing the price plummet, calling all cryptocurrencies a “scam”.
He said: “First of all there are already something like 1,300 plus cryptocurrencies or ICOs and most of them are even worse and don’t have any intrinsic value like bitcoin.
“So if bitcoin is a bubble, they are bubbles to the power of two or three.
“There’s all the hype about blockchain saying okay, maybe bitcoin and cryptocurrencies are a bubble or a fad but blockchain is really a revolutionary industry.
“It’s [blockchain] been around for 10 years, the only application is bitcoin or cryptocurrencies that are a scam.
“In the early days of the internet people will say, well early days you had html, you had web, you had email, you had lots of other things you had millions of applications and hundreds of millions using them.
“After ten years what they can offer in the blockchain space, nothing, just a bunch of cryptocurrencies that are a scam.”
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