Roubini: Crypto Is Mostly Vaporware, Bitcoin Is the Exception

Roubini has made similar claims before. His concession that Bitcoin has a role as a store of value marks a shift from earlier blanket condemnation. In previous cycles he argued that all crypto was a bubble or a Ponzi scheme. Now he draws a line between one asset and the rest. That distinction could influence institutional investors who still view the sector as a single speculative bucket.

For traders, the practical implication is that valuation models based on network effects or transaction volume may not hold. If even a prominent critic sees utility in Bitcoin alone, the burden of proof shifts to every other token to demonstrate genuine demand and revenue. The coming months will test whether altcoins can decouple from Bitcoin on fundamentals, or whether they remain correlated in a way that validates Roubini's skepticism.

Roubini did not offer a price target or timeline. He said the crypto market will continue to contract until most projects fail, leaving only those with real-world application. That process, he added, could take years and will accelerate as regulatory costs rise.

The next test for the thesis comes in July, when the SEC is expected to rule on several spot Bitcoin ETF applications. A rejection could confirm Roubini's broader point that regulators see little lasting value beyond Bitcoin itself.