Professor of economics at New York University’s Stern School of Business and CEO of Roubini Macro Associates, Nouriel Roubini in a recent interview discussed that the launch of CBDC would signify there would be no need for mobile payment services, bank accounts, cheques, or even cryptocurrencies. Roubini had previously called Bitcoin a “mother of all scams”. However, the recent Bitcoin rallies have caused skeptics like him to take notice of the cryptocurrency in a positive way, saying it could be a partial store of value though not a currency. “Bitcoin Not a Currency but a Partial Store of Value” The economist believes that calling Bitcoin as a cryptocurrency will be inapplicable, as to be termed as a currency it needs to be a unit of account. However, in the case of cryptocurrency, “nothing is priced”. He further adds that Bitcoins are not scalable as its volatility makes it an unstable means of payment, saying: “Bitcoin is not a currency. It’s maybe a partial store of value because, unlike thousands of other what I call shitcoins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of Bitcoin raises over time, because for most of those other ones, literally, is done ad hoc, and they’re being debased faster than what the Fed is doing.” CBDC Will Make People Move Away From Cryptos: Roubini Roubini also discussed that once central bank digital currencies (CBDC) gets deployed one would not bother to use a bank account, mobile payment services, or even cryptocurrencies, saying: “The big revolution we’re gonna see in the next three years is gonna be central bank digital currencies. They’re gonna be crowding out digital payment systems, or in the private sector, starting with cryptocurrencies that are not really currencies.” However, the crypto community has a different view to these that CBDC will rather make people move towards cryptocurrencies due to its nature of non-censorship.
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