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Nouriel Roubini just claimed bitcoin is on its way to ZERO

Cryptocurrency speculators may be feeling edgy after, Nouriel Roubini, the economics professor who allegedly predicted the GFC described the bitcoin price surge “as the biggest bubble in human history” in comments made to Bloomberg TV.

The bitcoin price has climbed 750% over the past year from around US$1,050 to US$8,150 today as the fear of missing out (FOMO) encouraged many retail punters worldwide to buy fractions of a bitcoin in the belief that the price would keep rising for no apparent reason.

However, the professor of economics at New York University has also claimed that “the fundamental value of bitcoin is zero” and that cryptocurrencies are nothing more than “a scam”. Ouch.

Bitcoin has now lost half its value over the last month and is likely to remain volatile.

Other cryptocurrencies such as Ripple, Ethereum and Litecoin have also come under heavy selling pressure over the last fortnight as governments across Asia in particular reportedly start to legislate around crypto trading.

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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