He says Bitcoin is being heavily manipulated
Popular economist Nouriel Roubini as known as ‘Dr. Doom’ has trashed Bitcoin in his latest Twitter announcement.
This year has seen the use of bitcoin rise by 167% and has hit a record of $19,289 last week. However, its price fell by over $3,000 because many cryptocurrency investors cashed in their investment holdings.
He primarily talked about cryptocurrency as a safe asset. However, the currency does not play any role in retail or institutional portfolios based on the fact that it is not a unit of account.
While it’s still used as a currency, Bitcoin does not have any value in comparison to bonds, stocks, real estate, and other assets.
Cryptocurrency exchanges have also been questioned due to uncertain trading practices. For instance, the pump-and-dump practice where traders inflate the value of assets and sell it off later.
The currency can also not be used to pay taxes. Besides, investing in Bitcoin can also be equated to gambling.
We’ve reported that Securechain ApS has launched Finmail Mailbox. The new product will integrate a digital currency payment feature with email.