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Roubini: There's tech bubble, crypto bubble, Robinhood bubble, 'I would be slightly overweight gold' right now : https://www.kitco.com/news/2021-05-12/Roubini-There-s-tech-bubble-crypto-bubble-Robinhood-bubble-I-would-be-slightly-overweight-gold-right-now.html

Excerpts:
How safe is the stock market rally, and what would a serious correction look like? With many bubbles popping up in the financial markets, gold is one of the investments it's good to be overweight in right now, said Nouriel Roubini, CEO of Roubini Macro Associates and professor at the NYU Stern School of Business.

"There was a corporate debt explosion before this crisis, and now there is even a greater buildup of corporate debt of very poor quality. We have the tech bubble, we have the crypto bubble, we have the Robinhood and day-trading and the GameStop bubble," Roubini told Michelle Makori, Kitco's editor-in-chief. "All of this suggests the markets are frothy if not an outright bubble and therefore the risk of a correction is rising over time because valuations are stretched."

"Calling bitcoin a currency is a misnomer because it is not a unit of account, it is not scalable means of payment, it is not a stable store of value," he said.

Bitcoin does not look like an asset either. "Stocks give you a dividend, bonds give you coupon, loans give you interest, real estate gives you rent or housing services. Gold doesn't have income, but it has uses in industry. It has utility because it has been used as jewelry for thousands of years. It has been a stable store of value whenever there is inflation, deflation, financial crisis, geopolitical problems," he noted.

But bitcoin does not have any income, it does not have any uses, it is not a stable store value, and it does not have utility, Roubini added.

"The idea that bitcoin is a digital gold does not make sense. Whenever there is a risk-off episode, bitcoin falls more than other risky assets. When we had the shock of February-March of last year when COVID started, U.S. equities were down 35%, bitcoin was down 50%, and other top ten cryptocurrencies were down 60%. So they are not even a hedge against risk-off episodes," he said.