'Dr. Doom' warns Senate: 'Cryptocurrency is the mother of all scams'

Bitcoin and cryptocurrencies like it that don’t exist outside cyberspace and have suffered rapid price fluctuations represent “the mother of all scams,” says Nouriel Roubini, the New York University economist who predicted the 2008 financial crisis and was nicknamed ‘Dr. Doom.’

“Literally, every human being I met between Thanksgiving and Christmas of 2017 asked me” if they should buy cryptocurrency, Roubini said in written testimony prepared for a Thursday hearing before the Senate Banking Committee.