Bitcoin LATEST: Is bitcoin a scam? Market analyst CONDEMNS cryptocurrency
BITCOIN and other cryptocurrencies face a "crypto-apocalypse" because they are “scams and bubbles”, leading economist Nouriel Roubini has claimed. But is the Bitcoin “bubble” about to burst?
Famed economist Nouriel Roubini has issued a dire warning about cryptocurrency, during a testimony at a congressional hearing on Capitol Hill.
Mr Roubini, one of the economists who predicted the 2008 financial crisis, said: "Crypto is the mother or father of all scams and bubbles."
The New York University Professor continued by outlining the "scammy crappy assets at the peak that then went into a bust and crash — in a matter of months — like you have not seen in any history of financial bubbles."
Bitcoin has fallen around 65 percent from its December 16, 2017 high of 14,706.13 ($19,343.04), to its current cost of £6,480.74 ($8,523.76) per token at 9:50pm, according to CoinDesk, on Monday, October 15, in what Roubini describes as a "crypto-apocalypse."