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  1. Man who predicted 2008 housing crash in US calls Bitcoin ‘mother of all bubbles’

Man who predicted 2008 housing crash in US calls Bitcoin ‘mother of all bubbles’

Bitcoin may have been the flavor of season last year, the digital currency is facing hard times in 2018. Just after taking a tumble in its worth early this year, Nouriel Roubini, the economist who predicted collapse of US housing market and worldwide recession way back in 2008, has called the popular virtual currency the the biggest bubble in the history of humankind.

By: | Published: February 5, 2018 1:51 PM
Budget 2018: Finance Minister Arun Jaitley presented Union Budget on February 1 The Mother of All Bubbles and Biggest Bubble in Human History Comes Down Crashing, said Nouriel Roubini. (Image: Reuters)

Bitcoin may have been the flavor of season last year, the digital currency is facing hard times in 2018. Just after taking a tumble in its worth early this year, Nouriel Roubini, the economist who predicted collapse of US housing market and worldwide recession way back in 2008, has called the popular virtual currency the the biggest bubble in the history of humankind. Nouriel Roubini too to Twitter to call bitcoin the biggest bubble in human history. “Now bitcoin crashing below 8000, headed towards 7000. Down 60 percent from the peak, 40 percent in a month and over 10 percent today. The Mother of All Bubbles and Biggest Bubble in Human History Comes Down Crashing,” Nouriel Roubini wrote on the micro-blogging site. In 2008, Roubini had predicted a housing collapse in the US. Bitcoin was trading at $7,950 on Coinbase index at the time of reporting. The digital currency headed to its biggest loss on Friday as Bitcoin slumped below $8,000 at one point, the largest loss since December 2013.

In his budget 2018 speech, Finance Minister Arun Jaitley said the government will take all measures to eliminate use of crypto in financing illegitimate operations.However, he also said that the government will  keep exploring working on the blockchain technology. Finance Minister Arun Jaitley tabled budget 2018 today just after the implementation of the historic GST. Cryptocurrency is not a legal tender, but government will keep exploring blockchain technology, said Finance Minister Arun Jaitley in his budget speech. Countries such as China and South Korea have promised to banned parts of the digital currency market in the last few weeks. Even the popular social media site Facebook has banned the advertisements tied to cryptocurrencies reasoning out that these advertisements are misleading the decept the innocent investors.

Bitcoin was the flavor of the season last year worldwide and almost touched $20,000 levels last year, a rise of over 1700 percent. This attracted investors worldwide towards it all across the world including India. Other than Bitcoin, other major cryptocurrencies which are traded globally are Ripple, Tron and others.

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