Nouriel Roubini says bitcoin is ‘bulls–t’ and only attracts ‘suckers’

Nouriel Roubini just crapped on the cryptocurrency party.

The famously bearish NYU economist — who earned the nickname “Dr. Doom” for predicting the financial crisis — blasted bitcoin BTCUSD, +2.10%   fanatics as “suckers” and said repeatedly that its underlying technology was “ bulls–t.”

Bitcoin radicals say the cryptocurrency’s “blockchain,” or decentralized ledger for recording transactions, could eventually replace centralized banking systems worldwide.

Related: Bitcoin will lose its crown amid 90% crash in cryptos, investment bank warns

But at a Wednesday panel at the Milken Institute Global Conference here, Roubini called the blockchain a “glorified Excel spreadsheet,” noting that cryptocurrency holders still go through centralized exchanges to clear their transactions.

Source: MarketWatch

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