Is Bitcoin a Ponzi Scheme or a Currency of the future?

Chris Lee

The economist Nouriel Roubini, or perhaps more known as Dr. Doom, has a very pessimistic outlook on the virtual currency known as bitcoin, that lacks both a central bank and central government.

Dr. Doom is not the only one that has a negative view on bitcoin. Thailand has ruled the digital currency illegal and Japan looks at it more as a commodity of trade.

However, more and more celebrities in the financial world actively advocates bitcoin, among others, the billionaire Richard Branson who would allow bitcoin as a means of payment in his space flight venture according to CNBC (http://www.cnbc.com/id/101220710). Quite a few smaller companies have bitcoin to thank for their success according to CNBC.

This does nothing to change the mind of Nouriel Roubini who claims that bitcoin only feeds criminality and that everyone who is already using it immediately should trade it into a traditional currency such as USD.

“So Bitcoin isn’t a currency. It is btw a Ponzi game and a conduit for criminal/illegal activities. And it isn’t safe given hacking of it.” Roubini tweeted last Sunday.

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