Nouriel Roubini has warned about an impending cryptocurrency market "apocalypse." According to Roubinin, even the most pro-crypto administration in history has failed to save a sector he claims offers no use cases beyond crime and corruption.
The failing pro-crypto administration
A year ago, the narrative was that the new pro-crypto administration was supposed to mark the dawn of a new golden age for cryptocurrency.
The promise of deregulation prompted cryptocurrency evangelists to predict that the leading cryptocurrency could potentially surge to $200,000.
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The reality, however, has been a disaster. The market has cratered despite some efforts from the administration to propel it
As of February 2026, Bitcoin is down 35% from its October peak. On Tuesday, it reached the lowest level since November 2024.
The implosion of "digital gold"
Geopolitical instability, trade disputes, and ballooning deficits pushed gold prices up by over 60%. In sharp contrast, Bitcoin fell by 6% over the same period.
"Every time gold has spiked in response to trade or geopolitical ructions over the past year, Bitcoin has fallen sharply," Roubini writes. "Far from being a hedge, it is a way to leverage risk."
Roubini argues that calling crypto a currency has always been "bogus." He is convinced that it fails as a unit of account, a means of payment, and a store of value.
The end of the experiment
Roubini concludes that the only "killer app" crypto has produced in 17 years is the stablecoin.
He warns that true decentralized finance (DeFi) will never scale because no serious government will allow the anonymity required for it to function, as it would be a boon for criminals.
The future of money, he argues, will be a "gradual evolution" led by improved traditional ledgers.
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