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.
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.