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The CBDC revolution will come in three years, says bitcoin pessimist Roubini

November 9, 2020

Nouriel Roubini, award-winning economist and well-known skeptic of Bitcoin (BTC), Trust that central bank digital currencies or CBDCs are the future of money.

According to Roubini, global CBDCs like the digital yuan may replace vital financial services and cryptocurrencies in the near future.. “They will displace digital payment systems or the private sector, starting with cryptocurrencies that are not really currencies,” said the economist in an interview with Yahoo Finance on November 7th.

Roubini predicted that A CBDC-driven “revolution” will come in maybe three years:

“So not only do you not 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 going to see in the next three years will be central bank digital currencies. “

The CBDC revolution will come in three years, says bitcoin pessimist Roubini
The CBDC revolution will come in three years, says bitcoin pessimist Roubini

In addition, the world-famous economist is convinced of it The cryptocurrency itself is a “misnomer” as a currency has to provide a unit of account. “Bitcoin or any other cryptocurrency has no price,” argued Roubini, noting that the cryptocurrency offers neither a “unique counter” nor a “scalable means of payment”.

But still, Roubini admitted that Bitcoin could serve as a store of value, which, in addition to a unit of account and a medium of exchange, represents an important function of money:

“Maybe it’s part of the store of value, because unlike thousands of others that I call shit * coins, it cannot deteriorate so easily because there is at least one algorithm that decides how much Bitcoin is on offer increases over time because too Most of these others are literally being conducted on an ad hoc basis and are deteriorating faster than the Federal Reserve. “

Roubini has also criticized the decentralized financing, one of the main trends of the crypto market in 2020. “DeFi was steamy from the start,” argued the economist in late September 2020. The industry is “completely hesitant because blockchain has always been the most overrated technology in human history”.

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