99% of currencies in the Crypto sector are a scam

Davos: 99% of the Cryptocurrencies today are pure frauds and scams. Cryptocurrency is a criminal activity. Cryptocurrency is a bubble of fraudulent financial schemes that will burst soon, warned leading US economist Nouriel Roubini.

In an interview on the background of the ongoing World Economic Forum in Davos, Europe, Roubini criticized the crypto sector. A few days ago, US economist and investor Peter Schiff warned that cryptocurrency will soon be on the verge of extinction. Roubini, who holds the post of ‘Professor Emeritus’ at New York University, is recognized as one of the world’s leading economists. Nouriel Roubini had earlier correctly predicted the Great Recession of 2008-09. Hence, he is popularly known as ‘Doctor Doom’. Roubini, who served as an economic advisor during the Obama administration in the US, is also known as a bitter opponent and critic of cryptocurrencies. In the past, they have also taken a hard line on other cryptocurrencies, including Bitcoin.

In an interview on the sidelines of the World Economic Forum, he referred to the ‘FTX’ scam and put the cryptocurrency sector on edge. FTX and its owner Sam Bankman Fried are not the exceptions but the rule. FTX has 1 million subscribers in the US alone. The collapse of FTX is similar to Bernie Madoff’s fraudulent financial schemes. But in Madoff’s scam, only a few thousand people were damaged, but due to FTX, lakhs of people have been hit hard, said Roubini.

US economists have also cautioned that everyone should stay away from investing in crypto while taking the issue of FTX forward. Roubini also warned that everyone in the crypto sector is a true crook and belongs in jail. At this time, he also severely criticized the ‘Blockchain’ technology behind cryptocurrency. Roubini claimed that ‘Blockchain’ is just a name. In reality, it is a type of ‘database’ given unrealistic importance and ring.

Moreover, blockchain is a short-lived fad and a wasteful technology that wastes a lot of energy, Nouriel Roubini slammed. He also claimed at this time that if we want to know the reality and use of ‘Blockchain’, we should try its use in the global supply chain of a multinational company. In the last two years, many scams have come to the fore in the cryptocurrency sector, and many companies with different types of ‘tokens’ (coins) have announced scams. Investments in some tokens and companies have completely disappeared, affecting millions of people. It has been revealed that billions of dollars have been completely lost due to crypto investments.

Against this background, economists, investors, and the world’s leading central banks have started warning about the dangers of cryptocurrencies. A few days ago, the leading bank in America also issued an alert on crypto transactions. A leading economist like Roubini has compared it to a scam and cautioned against it.

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