--- title: "Influential Economist Tells Davos Elites That Crypto Is a Complete Scam" description: "An economist known for his doomsday predictions is going off on cryptocurrency at the World Economic Forum in Davos, Switzerland." date: "2023-01-19" modified: "2023-01-19" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/economist-slams-crypto-davos" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "crypto" - "davos" - "ftx" - "the digest" --- # Influential Economist Tells Davos Elites That Crypto Is a Complete Scam ![An economist known for his doomsday predictions is going off on cryptocurrency at the World Economic Forum in Davos, Switzerland.]() *\Image: Getty / Futurism\* ## Crypt Keeper An economist known for his doomsday predictions is going off on cryptocurrency at the Davos billionaire con. "Literally 99 percent of crypto is a scam," New York University economist Nouriel "Dr. Doom" Roubini [said during an appearance]() at the World Economic Forum in Davos, Switzerland. "A criminal activity. A total real-bubble Ponzi scheme that is going bust." In recent months, [Roubini has warned]() that we have much, much further to fall in our current economic downturn, saying that if things keep going the way they are, the world economic markets are in for a "[deep and protracted]()" recession that will resemble a "sl0w-moving trainwreck." While he didn't explicitly mention whether he thinks the crypto industry's [repeated crashes in 2022]() were an outsize factor in his gloomy forecasting, Roubini did declare that the stunning [demise of the FTX crypto exchange](), helmed by 30-year-old headline-grabber [Sam Bankman-Fried](), was far from shocking. "FTX and SBF are not an exception — they're a rule," he said. ## Bitcoin Blues The economist's wintry crypto commentary may have been a useful warning for any particularly gullible global elites, because Davos-goers were presented with a selection of blockchain-themed panels in spite of the industry's woes. Indeed, as [*Coindesk* reports](), there was still tons of crypto representation at the WEF in spite of lowered advertising spending, never mind the industry [losing trillions of dollars]() and [laying off]() [tons of workers](). Still, this bearish crypto market has made the industry's presence significantly less splashy at the 2023 Davos convening than in the past few years prior — save for a lone [Bitcoin-themed sports car]() spotted in the Alpine town. ## Jailhouse Rock While he didn't weigh in on the bright orange Mercedes representing the industry he so loathes, Roubini *did* cast aspersions on the type of person who owns it. "You have to stay away \[from crypto\], you have to absolutely stay away," he said during his *Yahoo* interview. "Most of these people belong literally in jail," Roubini continued. "Literally, they're all crooks." Tell us how you really feel! **More on crypto:** [*Tom Brady Apparently Lost an Ungodly Amount of Money in the FTX Crash*]() ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()