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Dr. Doom, who once likened cryptocurrencies to "garbage," now suggests Bitcoin may be a "partial store of value tool."

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Dr. Doom, who once likened cryptocurrencies to "garbage," now suggests Bitcoin may be a "partial store of value tool."

In a recent interview, Dr. Nouriel Roubini, who has been famously critical of Bitcoin and other cryptocurrencies in the past few years, surprisingly stated that Bitcoin has the attribute of being a "partial store of value."

Long-standing Hatred towards Cryptocurrency

Known for predicting the 2008 financial crisis, doomsday Dr. Roubini, besides focusing on the global macroeconomy, has been quite attentive to the cryptocurrency market. However, his views on Bitcoin and other cryptocurrencies have always been strong criticisms and disdain. Despite many of Roubini's peers, economists, and Wall Street analysts believing that Bitcoin and blockchain are revolutionary, Roubini has never changed his negative perception of cryptocurrencies and blockchain.

In July 2019, he engaged in a famous debate in Taiwan with BitMEX co-founder Arthur Hayes, where he heavily criticized blockchain and cryptocurrencies. During the debate, Roubini stated that cryptocurrency is worthless and will disappear one day, even referring to Bitcoin as the "mother of all scams." He said at the time of the debate:

"Over a thousand shitcoins have disappeared, and the recent price rise is just manipulation. Basically, the value of cryptocurrencies should trend towards zero. In the future, there will be a museum specifically designed for cryptocurrencies, filled with hundreds of shitcoins. That's the future of cryptocurrency."

Bitcoin as a "Partial Store of Value"

However, interestingly, in an interview with Yahoo Finance, starting at 1:45 in the video, Roubini's view on Bitcoin seems to have slightly changed. While he still believes Bitcoin is not a viable currency and never will be, he unexpectedly suggested that Bitcoin may have the attribute of being a "partial store of value":

"Bitcoin is not a currency; it may be a 'partial store of value tool' because, compared to what I call Shitcoins, it does not devalue as easily. This is because it has an algorithm that can limit the total supply and circulation of Bitcoin, while other coins will die off, and the Fed will devalue the dollar faster."

Although we are not clear on what Roubini means by "partial store of value," as a long-time critic of Bitcoin and cryptocurrencies, this is the first time he has used the term "store of value" in relation to Bitcoin.

On November 10th, Roubini stated that Bitcoin's "partial store of value" also has no underlying support.