Nouriel Roubini, professor of economics from New York and renowned economist, once again cracked down on cryptocurrencies, blockchain and bitcoin. According to him, cryptocurrencies are collapsing and, sooner or later, will disappear.

Speaking at the BlockShow conference in Las Vegas, Nouriel Roubini, a prominent economist who predicted the global financial crisis in 2008-2009, said that the cryptocurrency market is dead.

“In the space of crypto, you cannot do any transactions. Nobody’s using Bitcoin or anything else for transaction purposes.”

He again called bitcoin "the mother of all bubbles" and predicted its full collapse.

“There has been a total collapse this past year in the cryptocurrency space. It’s a crypto apocalypse.”

Roubini continued to discuss the shortcomings of bitcoin, assuming that it may be not a financial pyramid.

“Maybe Bitcoin is not a fraud, but it’s not scalable. So it’s nice, it’s there, but it doesn’t have any future.”

He expressed surprise that someone is investing in crypto funds.

“But if you invest into assets that on average lose 95% of their value in nine months, nobody’s going to invest in that space. Why would anybody want to go and lose money?”

According to Roubini, institutional investor will never agree to enter such a market, and all talks about soon inflow of institutional investments are nothing more than chatter.

“So there’s a lot of talk about institutional investment getting in but this is a space where you have lost 95% of your wealth if you entered this year, so nobody’s interested.”

Roubini recalled that cryptocurrencies are subject to manipulation, spoofing and pump and dump schemes. 99.9% of existing cryptocurrencies are doomed to disappear, but bitcoin will survive, although its price will collapse almost to zero, predicted Roubini. The economist also expressed confidence that crypto systems are more centralized than traditional financial organizations.

“This system is the most centralized system ever. Miners, exchanges, developers – concentration of wealth. It’s all bullshit.”