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MarketWatch/Barbara Kollmeyer/2-10-2021
“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 “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 an 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 at Financial Times.
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