Nobel Laureate Nouriel Roubini has begrudgingly called Bitcoin as a partial store of value.
Although his opinion on altcoins remains unchanged, he believes that Bitcoin’s limited supply is its advantage but is not scalable enough.
Nobel Laureate calls Bitcoin Partial storage of value
In one of his interviews, the much-acclaimed Noble Laureate Nouriel Roubini has proclaimed that Bitcoin is a partial store of value. He also did not fail to mention about altcoins and compared it to the US Federal Reserve which is worsening every single day. Like many Bitcoin supporters who take pride in the limited token supply of the coin, the Nobel Laureate was seen as a new supporter of Bitcoin as against any other investment in the cryptocurrency sector.
“It may be a partial store of value because unlike thousands of others (what I call s***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.”
After having finally acknowledged Bitcoin as a partial store of value, Nouriel Roubini has not become a pro-cryptocurrency. Mr. Doom as he is called still does not consider cryptocurrency in the league of real currencies prevalent in the market. He equated cryptocurrency with a misnomer and believes that it cannot function as a unit of account. Yet his change of mind for Bitcoin does not mean that he has nothing against it yet? He has been openly criticizing the scalability of Bitcoin and not impressed with its 5 transactions per second. He compares this to Visa’s 25,000 which makes Bitcoin look bleak in comparison. He also took his aim at the coin’s volatility because it avoids the condition of being fully fledged.
Still critical of Bitcoin
But his stance on Bitcoin may be finally changing, especially relative to all the other altcoins that are present in the market. The Nobel Laureate back in 2013 heavily criticized Bitcoin when it was trading at $60 and now he believes that the role of Central Bank Digital Currencies(CBDCs) is taking an important role and might even make cryptos obsolete. `
“Once you have a central bank digital currency, every individual can use an account with a central bank to do payments. 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 a check.”
Many economies are talking about the wonders of CBDC and are slowing raking in strategies for its adoption, yet Binance head CZ in an October review calls it restricted.
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