The original interview is here:
https://blogs.cfainstitute.org/investor/2019/03/06/nouriel-roubini-on-shitcoin-the-mother-and-father-of-all-bubbles/Well, I can agree a little bit with the only sentence where he specifically mentions why he's so vocal against Bitcoin:
But to me, the whole crypto space is one of assets that are not really money. They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.
I agree somewhat with the point that scalability and volatility are the two main problems that Bitcoin currently has. And I think if they're not solved in the next years, then he will be right with his stance that Bitcoin can go to (almost) zero.
Fortunately, scalability solutions are already tested and in my opinion Ligthning will make BTC scale to an user base big enough to make BTC usable as a real "currency" for smaller online payments. Other scalability techniques are been tested, too. I'm pretty optimistic here.
For volatility, this is not the case, however. Bull runs and crashes still look as there was no limit, and volatility in the last two bubbles was very similar, contrary to my expectations. We need a breakthrough here to convert Bitcoin into a store of value. I think for this to happen, there are two conditions:
- You must be sure to not suffer a catastrophic loss in a month of "hodling" (a "catastrophic" loss could be everything from about -30% upwards).
- You must be sure to not suffer a loss of more than 10% in 24 hours.
Condition 2 could be achieved with price guarantees from merchants or with a kind of insurance. Condition 1 is more difficult to achieve. It would be important to be able to pay salaries in BTC.
Short remark:
the fact that the coin crashed from the sum of $20000 down to a mere $2000
Bitcoin for $2000? Where? Can I buy some?