Nouriel Roubini, an economist and pessimist of Bitcoin, is sure that central bank digital currencies (CBDCs), are the future of money.
According to Nouriel Roubini, global CBDCs like the digital yuan are capable of replacing financial services and cryptocurrencies in the immediate future. “They’re gonna be crowding out digital payment systems, or in the private sector, starting with cryptocurrencies that are not really currencies,” Roubini said in a November.07 interview with Yahoo Finance.
He also stated that the CBDC revolution is coming in three years:
“So not only you don’t need crypto, you don’t even need Venmo. You don’t even need a bank account. You don’t even need the check. And the big revolution we’re gonna see in the next three years is gonna be central bank digital currencies.”
The economist believes that cryptocurrency itself is a wrong name, because a currency needs to provide a unit of account.
Roubini mentioned that Bitcoin could serve as a store of value:
“It’s maybe a partial store of value, because, unlike thousands of other what I call shitcoins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of Bitcoin raises over time, because for most of those other ones, literally, is done ad hoc, and they’re being debased faster than what the Fed is doing.”