By Modupe Gbadeyanka
With the gradual drop in the value of popular digital currency, Bitcoin, an expert in the financial sector has described the cryptocurrency as the biggest bubble in human history.
At the moment, Bitcoin is trading below $8,000 for first time since November 24, 2017. In December last year, it traded above $19,000.
In an interview with Tom Keene and Francine Lacqua on Bloomberg Television, Nouriel Roubini of Roubini Macro Associates described Bitcoin as the “biggest bubble in human history” and this “mother of all bubbles” is finally crashing.
According to Roubini, it isn’t just Bitcoin as there are more than 1,300 cryptocurrencies or initial coin offerings, and “most of them are even worse” than the largest digital token. These, he said, constitute “a bubble to the power of two or three.”
Blockchain has “been around for 10 years, and the only application is cryptocurrencies, which is a scam,” the New York University economist added.
In another salvo aimed at crypto bulls, Bitcoin is an “environmental disaster,” he said, citing its soaring energy costs.
Adedapo Adesanya 
Dipo Olowookere