In the wake of Bitcoin’s remarkable growth in the past two weeks, past and present critics of Bitcoin have been trying to make sense of the world’s largest digital asset and what place it has in the global financial system. This includes Nouriel Roubini, who is a Professor of Economics at New York University’s Stern School of Business and considered to be one of crypto’s toughest critics.
Roubini, who previously called Bitcoin a “failed coin” which was destined to join its less successful counterparts eventually, said that the orange coin can possibly be a “partial store of value”, according to an interview with Yahoo Finance. While not entirely convinced, Roubini seems to be coming around the idea of Bitcoin as a viable asset, partial or otherwise.
“Unlike thousands of other what I call shitcoins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time, because for most of those other ones, literally, is done ad hoc, and they’re being debased faster than what the [U.S. Federal Reserve] is doing,” he said, as reported by Forbes.
Moreover, he believes that the moment central bank digital currency (CBDC) is introduced on a larger scale in China, Europe and the US, Bitcoin may be rendered obsolete by digital currencies as an improved alternative.
China’s digital yuan has progressed to the expansion of this year’s pilot program on a nationwide scale, while the European Union, under European Central Bank (ECB) President Christine Lagarde, is looking to accelerate CBDC development. US, on the other hand, has promised to stay committed to the innovation of a digital dollar, but the Federal Reserve has made no substantial and tangible progress in that.
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