Nouriel Roubini is beating a drum right now and you should all be listening to him."Dr. Doom", as they call him, predicted the housing bubble. Now he has a few things to say about Bitcoin and other cryptocurrencies.

Roubini says crypto is a "cesspool". He calls them "shitcoins" and says this is the "mother of all bubbles."

It is indeed laughable to think that useless crypto-currencies or shitcoins have any fundamentals of value. Their fundamental value is ZERO or actually negative is if you price correctly their negative externality of hogging energy and destroying the environment https://t.co/wsY3Qo1Shx

— Nouriel Roubini (@Nouriel) October 12, 2018

Here's an interview with Roubini on Bloomberg.

Back in October 2018, Roubini testified before the Senate Banking committee and here are a few of his remarks.

It is clear by now that Bitcoin and other cryptocurrencies represent the mother of all bubbles, which explains why literally every human being I met between Thanksgiving and Christmas of 2017 asked me first if they should buy them. Especially folks with zero financial literacy – individuals who could not tell the difference between stocks and bonds – went into a literal manic frenzy of Bitcoin and Crypto buying. Scammers, swindlers, criminals, charlatans, insider whales and carnival barkers (all conflicted insiders) tapped into clueless retail investors’ FOMO (“fear of missing out”), and took them for a ride selling them and dumping on them scammy crappy assets at the peak that then went into a bust and crash – in a matter of months - like you have not seen in any history of financial bubbles. 

He continues later with:

To be a currency, Bitcoin – or any crypto-currencies - should be a serviceable unit of account, means of payments, and a stable store of value. It is none of those things. No one prices anything in Bitcoin. Few retailers accept it. And it is a poor store of value, because its price can fluctuate by 20-30% in a single day. And since its price has been so unstable or volatile almost no merchant will ever use it as a means of payment: the profit margin of any merchant can be wiped out in a matter of minutes – if he or she accepts Bitcoin or any other cryptocurrency –by the change in the dollar price of a crypto-currency. Proper means of payments need to have stable purchasing power; otherwise no one will ever use them. As is typical of a financial bubble, investors were buying cryptocurrencies not to use in transactions, but because they expected them to increase in value.

Back in January 2018, I predicted that the crypto bubble would go burst. I am proud to say that I had epic timing on this one call. Now, I predict that the bubble is reinflating and it's going to be an even bigger problem the second time it pops. Avoid all crypto and the peddlers of this get rich quick scheme.