Roubini said he sees the digital currency as a volatile "pseudo-asset" and argued much of the price movement "is driven not by worries about inflation or debasement of fiat currencies," but rather by "massive manipulation."
The economist said that there are a number of schemes used by digital currency whales to push the price of bitcoin higher. In particular, he highlighted the stable coin tether as an example.
Roubini said tether is "produced out of nowhere with we don't know which kind of backing and every other day there is another billion dollars of it that goes to buying bitcoin."
"We know there are a whole bunch of legal investigations by the DOJ, CFTC, the attorney general's office in New York, they are looking into what's going on," the economist added.
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Roubini said he sees the digital currency as a volatile "pseudo-asset" and argued much of the price movement "is driven not by worries about inflation or debasement of fiat currencies," but rather by "massive manipulation."
>
The economist said that there are a number of schemes used by digital currency whales to push the price of bitcoin higher. In particular, he highlighted the stable coin tether as an example.
>
Roubini said tether is "produced out of nowhere with we don't know which kind of backing and every other day there is another billion dollars of it that goes to buying bitcoin."
>
"We know there are a whole bunch of legal investigations by the DOJ, CFTC, the attorney general's office in New York, they are looking into what's going on," the economist added.
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