Nouriel Roubini, an award-winning economist, Nobel laureate and well-known bitcoin (BTC) skeptic, believes that Central Bank (CBDC) digital currencies are the future of money. He also said a surprising thing about BTC itself.
Nouriel Roubini on CBDC
According to Roubini, CBDCs such as digital yuan have the potential to replace major financial services provided by large companies and even cryptocurrencies in the near future.
“[CBDC] They will displace digital payment systems in the private sector, starting with cryptocurrencies that are not really currencies “
– said the economist in an interview on November 7 Yahoo Finance.
Roubini predicts that “revolution” powered by CBDC will come in three years:
“Not only will you not need cryptocurrencies, you won’t even need Venmo. You won’t even need a bank account. Not even a check. And the big revolution that we will witness in the next three years will be the digital currencies of the central bank
Cryptocurrency is not a currency
Moreover, he himself is convinced that the term “cryptocurrency” is “misleading”, because the currency must be the unit of account.
“Nothing is priced in Bitcoin or any other cryptocurrency.”
Despite the above, Roubini admitted that Bitcoin can nevertheless serve as a store of value, which is the main function of money alongside being a unit of account and a medium of exchange:
“Perhaps it is a partial measure of value storage because unlike thousands of others [kryptowalut]which I call shitcoins, it’s not that easy to downgrade, and that’s because there is at least an algorithm that decides how much bitcoin supply grows over time (…). “
He added that this distinguishes BTC from the altcoins that arise “Ad hoc” and they have no limited supply.
Roubini also criticized the market of decentralized finance (DeFi), which became very popular in 2020. He said before that the decentralized payment industry “It’s totally wobbling because blockchain has always been the most exaggerated technology in human history.”
Nevertheless, it must be puzzling that Roubini suddenly starts to change his mind about BTC. Not so long ago, after all, he said it was an obvious scam.