Economist Nouriel Roubini dismisses blockchain as 'useless,' yet the global consensus appears to diverge from his opinion.

Nouriel Roubini, who rightly foresaw the 2008 financial collapse due to synthetic bonds, is now expressing grave concerns over blockchain and cryptocurrency.

Nouriel Roubini, Image from US Virtual Embassy Iran

In a recent interview with Naeem Aslam Nouriel Roubini made it clear to Mr. Aslam that he is quite critical of blockchain and cryptocurrencies.

Roubini has proclaimed the entire ICO sector as fraudulent, accusing it of fundraising for projects lacking any true value.

Roubini critiques blockchain as a futile technology, destined to lead nowhere.

While Roubini’s views hold weight, especially among his admirers, his strong critique of blockchain and digital currencies draws skepticism. The substantial investments funneled into blockchain development and governmental backing tell a different story.

It seems Roubini might be off track with his blockchain evaluation.

Blockchain, though still in its infancy and undergoing validation, is witnessing notable adoption and interest, propelled by Bitcoin’s inception a decade ago and its swift market impact.

On banks' relation to blockchain, Roubini commented, highlighting banks' routine exploration of new technologies without committing to them.

Roubini’s narrow viewpoint on blockchain overlooks the broader picture, as many prominent banks aren’t just dabbling in blockchain but are building essential systems around it.

Roubini’s recurring critique about blockchain and cryptos revolves around scalability, and while Bitcoin was revolutionary, it’s not poised to overhaul the current financial system.

Governments LOVE Blockchain

Notably, billions are being invested in blockchain evolution, with countries like China and South Korea spearheading initiatives to harness its power.

Now there are Asian venture capitalists are increasingly funding global crypto firms. China is fervently backing blockchain investment, with local governments rolling out massive funding to bolster their blockchain ecosystems.

Read: Similar to other breakthroughs, blockchain is witnessing its share of hype, but this reflects the typical trajectory of pioneering ideas reaching the market.

Blockchain’s development trajectory suggests it may become a cornerstone technology, though the journey for originating cryptos appears ambiguous. Meanwhile, blockchain maintains favorable relations with authorities, unlike decentralized currencies.

Not Going to Pop Anytime Soon

Nicholas Say, a globe-trotter who made Uruguay his home for a time and now resides in Asia, is known for his tech-forward writings widely available online.

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