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US economist: “Bitcoin isn’t a currency or financial asset”

Thursday, 05 27 2021, Category: Economy, Country: World
That’s New York University economist Nouriel Roubini in an interview with Goldman Sachs Group Inc.’s “Top of Mind” publication, pushing back against the idea that bitcoin and other cryptos are an alternative to other instruments as a hedge against inflation. In fact, Roubini argued that cryptos aren’t any sort of currency or asset at all.

In an issue, published late Friday, Roubini, a longtime skeptic of the digital instruments, was unequivocal.

Often described as “Dr. Doom” for his warnings ahead of the 2008 financial crisis, he dismissed the idea that cryptos represent a new form of currency, arguing that they fail to meet four criteria: serving as a unit of account, a means of payment, a stable store of value, and acting as a single numeraire, or benchmark for comparing the value of similar financial instruments. He repeated his joke that, “Even the Flintstones had a more sophisticated system by using shells as a single numeraire to compare the price of different goods.”

And according to Roubini, cryptos don’t fit the definition of any sort of asset.

Source: Market Watch
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