Rubini “Bitcoin price is ridiculous”… Worries about the worst bubble

‘Dr. Doom’, a recent Twitter post from New York University professor Nuriel Rubini. (Source=Nuriel Rubini Twitter capture)

[뉴욕=이데일리 김정남 특파원] With the virtual asset bitcoin price surpassing $50,000 for the first time in history, skepticism is emerging as the worst speculative plate.

‘Doctor Doom’ Nouriel Rubini, a professor at New York University, told the Wall Street Journal (WSJ) on the 16th (local time) that “a lot of people are buying bitcoin at a ridiculous price.” Once you see a loss, you will never be able to come back.”

Professor Rubini said, “Most commodities, even gold, have some utility, but little bitcoin,” he said.

Professor Rubini is a leading bitcoin pessimist. “Bitcoin is not a hedging tool for tail risk (which is unlikely to occur and is difficult to predict, but once it occurs), he recently posted on Twitter. I don’t know, but that doesn’t mean everyone has to follow it.”

“Bitcoin is not a real currency,” said Christine Lagarde, president of the European Central Bank (ECB). “The ECB will neither buy nor hold it.” Governor Lagarde also urged additional restrictions on Bitcoin, citing possible money laundering. Because of its inherent anonymity, Bitcoin has been used in illegal transactions such as real money laundering.

According to Chainallysys, a virtual asset analysis company, illegal transactions through virtual assets last year were estimated at 10 billion dollars (about 11 trillion won).

As the short-term volatility of bitcoin price is so large, there are also many observations that investors need attention. In a recent survey conducted by Deutsche Bank, according to CNBC, investors ranked Bitcoin as the most extreme bubble in the financial markets.

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