Roubini "Crypto is a stinking cesspool"

Roubini said a recent sharp downturn in the prices of cryptocurrencies showed that the nascent digital assets have poor fundamentals.
On Thursday he said in testimony to U.S. senators that crypto is "the mother or father of all scams and bubbles."

Cryptocurrencies received much attention from major central bankers, financial executives and economists late last year when bitcoin surged close to $20,000.
The cryptocurrency world is a "stinking cesspool" and is fundamentally worth nothing, according to Nouriel Roubini, the economist famed for predicting the 2008 financial crisis.

In a series of tweets, Roubini said late Thursday that a recent sharp downturn in the prices of cryptocurrencies — which came amid an intense period of selling for global stock markets — showed that the "The bloodbath is worsening," he said in a response to one Twitter user, pointing out that digital currencies had fallen much more steeply than equities during Wednesday and Thursday's sell-offs. "So tell me: which better fundamentals? Can't convert s---coins into productive manure." nascent digital assets have poor fundamentals.

Some, including J.P. Morgan CEO Jamie Dimon, had called the phenomenon "tulip mania" — in reference to the bubble in tulip prices in the 17th century .

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