Don’t fall for the bitcoin bubble, even the Flintstones had a better system, warns economist Nouriel Roubini

MarketWatch/Barbara Kollmeyer

artist rendering of tulip in original book on the tulipomania 1637“Acknowledging Tesla, Roubini said bitcoins are still ‘barely used by legitimate companies.’ He also harked back to the last bitcoin bubble of 2017-18, when the cryptocurrency went from $1,000 to $20,000 then back to $3,000. And don’t even refer to cryptocurrencies as ‘currencies,’ as almost nothing is priced in them, he said.”

USAGOLD note: Roubini says the cryptocraze is worse than the tulipmania and says even the Flintstones “had a more sophisticated monetary system based on a benchmark” – shells. As for gold, Roubini says it differs from bitcoin in that it has utility for industrial purposes, as a store of value and hedge against inflation, currency debasement, and tail risks. I believe those are the nicest things Roubini has ever said about gold. The MarketWatch article is a synopsis of the original published in Financial Times.

Repost from 2-14-2021

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