'Dr. Doom' Professor Rubini: "Bitcoin Price Surge Is Manipulation"

▲ Nouriel Roubini, Professor at New York University, USA

[Asia Economy Reporter Kwon Jae-hee] 'Dr. Doom' Nouriel Roubini, a professor at New York University in the United States, recently expressed the opinion that the recent surge in Bitcoin prices is due to manipulation.

On the 24th, appearing on Yahoo Finance Live, Professor Roubini said, "Bitcoin is not money," adding, "It is neither a measure of value, a means of payment, nor a store of value."

He continued, "It is useless and has no utility," expressing a negative view that "Bitcoin is not an asset."

In particular, regarding the recent rise in Bitcoin, he claimed, "It is a speculative rise," and "Bitcoin prices are entirely manipulated by a group of people."

He also mentioned research results implying that even Tether, which claims to be a stablecoin (a virtual currency pegged to existing currencies to reduce price volatility), is created by command.

He added that whenever Bitcoin prices fall, more Tether is issued to buy Bitcoin, thereby defending Bitcoin's price.

He raised his voice, saying, "This year alone, $16 billion worth of Tether has been supplied," calling it "a comprehensive price manipulation."

Professor Roubini predicted that the Bitcoin price bubble would soon burst, just as Bitcoin, which was $1,000 in 2017, rose to nearly $20,000 by the end of that year and then fell to $3,000 the following year.

He said, "I think investigations into Tether will soon proceed," adding, "At that time, Bitcoin and other virtual currencies will plummet."

Meanwhile, Professor Roubini is often called 'Dr. Doom' due to his pessimistic forecasts. He also predicted the global financial crisis in 2008 in advance.

At a U.S. Senate hearing in October 2018, he repeatedly expressed negative opinions about virtual currencies, calling them "the mother of all frauds and bubbles."

This content was produced with the assistance of AI translation services.