The higher prices go in financial manias, the more people buy in, and the more infectious the pressure to declare gains justified.  Even those who can do the math and know better are very often swept into ‘new era’ thinking. Roubini sees a naked Emperor in crytocurrencies and doesn’t mind saying so.  He summarizes many compelling reasons why in this clip.  Worth watching.

Nouriel Roubini, a professor at New York University’s Stern School of Business, discusses the surge in Bitcoin and says the cryptocurrency has no value and is in a bubble.

Here is a direct video link.