Roubini calls crypto ‘mother and father’ of bubbles; Novogratz says bitcoin is ‘a small miracle’

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Two prominent market voices squared off Wednesday over the future of cryptocurrencies in a debate that ended with a bet over a T-shirt.

Novogratz, who has been a crypto backer for years, disagreed.

Pointing to bitcoin’s price recovery after a vicious tumble in 2018, the former head of Fortress Investment Group said bitcoin still has widespread acceptance and interest.

“The realty is there’s a tremendous amount of stuff going on. In some ways, there’s been a small miracle,” Novogratz said. “The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”

Novogratz pointed to crypto endeavors being implemented or considered by businesses as diverse as Fidelity and Facebook.

“So that’s bitcoin. I think it’s got a very healthy future,” he said. “My sense is it’s going to continue to march higher.”

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