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Nuriël “Doctor Doom” Rubini forecasts a disastrous outcome for the cryptocurrency market., 2026/02/04 10:55:49
Economist and New York University professor Nouriel Roubini, known as “Doctor Doom,” has asserted that the cryptocurrency market is facing an apocalypse. The educator characterized the crypto market as a tool for crime and corruption, lacking any genuine applications.
According to the economist, the crypto market is doomed to collapse even under the most favorable conditions for cryptocurrencies, such as those currently seen in the White House. Digital currency does not provide protection against risks; rather, it exacerbates them—Roubini insists that the term “cryptocurrency” has always been misleading. He believes that crypto assets fail to fulfill any of the essential functions of money: they cannot serve as a reliable unit of account, are unsuitable as a means of payment, and do not preserve value.
As evidence, the professor cited the trends of gold and Bitcoin: each time gold increased in value due to trade or political upheavals, Bitcoin experienced a sharp decline. Over the past six months, the precious metal has risen by 50%, while the leading cryptocurrency has dropped by 35%, the economist noted.
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In the 17 years since the inception of the crypto industry, Roubini believes that the only truly sought-after product has been stablecoins. At the same time, the educator holds a highly skeptical view of the prospects for decentralized finance (DeFi). The economist is convinced that the DeFi infrastructure will never reach a large-scale level. The reason is that no major government will allow the anonymity required for such systems to operate, as this would create ideal conditions for criminals.
Roubini envisions a gradual evolution of traditional financial systems as an alternative. He argues that the future of money lies in the enhancement of conventional ledgers and mechanisms, rather than relying on cryptocurrencies, which will eventually cease to exist.
Roubini predicted the financial crisis of 2008. He maintains a negative stance toward cryptocurrencies and investments in digital assets. According to the economist, out of 20,000 initial coin offerings, 80% were deemed fraudulent, and 17% have failed. This indicates that 97% of ICOs were either fraudulent or unsuccessful, stated the cryptocurrency skeptic.
