Notorious BTC critic Nouriel Roubini believes CBDCs are the future

Quick take

1 minute read

• Nouriel Roubini has given a confident statement that central-bank digital currencies are the future of money.

• This is an interesting statement from a man who has had a long history of slating the leading cryptocurrency and anything in relation to the industry in general.

A well-known critic of bitcoin and the overall crypto space, Nouriel Roubini has given a confident statement that central-bank digital currencies are the future of money.

This is an interesting statement from a man who has had a long history of slating the leading cryptocurrency and anything in relation to the industry in general.

That being said, he does note that a digital yuan cryptocurrency that is being made in China does have the potential of replacing major financial services and cryptocurrency is in the near future. 

Speaking in an interview with Yahoo Finance, he said:

“They're gonna be crowding out digital payment systems, or in the private sector, starting with cryptocurrencies that are not really currencies,”

He even went on to predict that a revolution powered by CBDCs is coming for the next three years. 

He added:

“So not only you don't need crypto, you don't even need Venmo. You don't even need a bank account. You don't even need the check. And the big revolution we're gonna see in the next three years is gonna be central bank digital currencies.”

On top of this, Roubini went on to confidently say that cryptocurrency itself is a “misnomer“. This is because a currency needs to provide a unit of account. That being said, he did go on to confess that bitcoin could serve as a store of value. This would make it a major function of money alongside a unit of account and a medium of exchange. 

He further said:

“It's maybe a partial store of value, because, unlike thousands of other what I call sh**coins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of Bitcoin raises over time, because for most of those other ones, literally, is done ad hoc, and they're being debased faster than what the Fed is doing.”

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.