Crypto currency is worthless

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Roubini criticized "scammers, swindlers" and others in the cryptocurrency community for enticing unwitting investors with "scammy crappy assets at the peak that then went into a bust and crash. Even though he shared his opinion that the significant majority of digital currencies are "worth zero," Roubini added that he's "not against [the cryptocurrency industry," saying that he's "open to any type of innovation.

Many other prominent economists and Wall Street leaders have also echoed Roubini's criticisms of digital tokens, although few have been as outspoken about their negative feelings regarding the industry.

Nonetheless, there remains a significant group of supporters of digital currencies, including individuals who believe that cryptocurrencies are continuing to evolve to deal with issues that have plagued the industry in its earliest stages. Investing in cryptocurrencies and Initial Coin Offerings "ICOs" is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or ICOs.

Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

As of the date this article was written, the author owns bitcoin and ripple. Cryptocurrency News. Markets News. Your Money. Personal Finance. Your Practice. Popular Courses. News Cryptocurrency News. Compare Accounts.

The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Sceptics warn that the lack of central control make crypto-assets ideal for criminals and terrorists, while libertarian monetarists enjoy the idea of a currency with no inflation and no central bank. The whole concept of cryptocurrencies has been criticised for its ecological impact, with "mining" for new coins requiring vast energy reserves and the associated carbon footprint of the whole system.

The fight between the two exchanges briefly turned into an alliance, as Binance agreed to make a non-binding offer to bail FTX out and merge with it.

But on Wednesday night, the deal fell through. This article is more than 3 months old. FTX was once the second largest cryptocurrency exchange. Show Cryptocurrencies are an alternative way of making payments to cash or credit cards.

Richard Partington and Martin Belam. Reuse this content. More on this story. Crypto lender Genesis files for Chapter 11 bankruptcy in US. Bitcoin has rallied. Warren pushes bipartisan bill to regulate crypto firms after FTX collapse. Most viewed.