Renowned economist Nouriel Roubini has once again expressed his strong criticism of Bitcoin, raising doubts about the cryptocurrency’s decentralization. Roubini, who has previously dismissed Bitcoin and altcoins as tools for fraud, reiterated his concerns about security and scalability. During a discussion on May 3rd, Roubini compared Bitcoin to gold and argued that it offers less security and scalability than the traditional monetary system. He emphasized that Bitcoin owners are not adequately protected, as transactions become irreversible if private keys are compromised. Roubini also questioned the concept of Bitcoin’s decentralization, calling it “nonsense” and highlighting the limited number of companies involved in the mining process. Contrary to the belief that Bitcoin could replace traditional financial systems, Roubini argued that its structure is inefficient in handling large transaction volumes. He further criticized the impracticality of storing Bitcoin, likening it to burying gold in the ground in the digital age. It is important to note that the information provided in this article does not constitute investment advice, and investors should conduct their own research due to the high volatility and risk associated with cryptocurrencies.
