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Prof. Roubini proposes tokenized toilet paper as currency -- 'more useful than gold'

Section: Daily Dispatches

By Mathew Di Salvo, Brooklyn
Sunday, March 15, 2020

American economist and long-time crypto skeptic Nouriel Roubini took another dig at virtual currencies on Twitter today -- by saying there should be a virtual currency for toilet paper.

On March 11 the World Health Organization declared that the coronavirus was a pandemic. Subsequent government lockdowns have caused panic buying all over the world, with one product in particular always missing on supermarket shelves: toilet paper.

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Roubini, who has long had a problem with Bitcoin and cryptocurrencies, posted a video on Twitter, first featured on video-sharing platform TikTok --

-- of a man paying for coffee using toilet paper.

The humourous video, which has been viewed on Twitter over 27,000 times, shows a man counting squares of toilet paper, handing them to a cashier -- and even giving an extra square as a tip -- before walking away with his coffee.

Roubini, a professor at New York University's Stern School of Business, posts in a commentary accompanying the video that "soon most folks will run out of income/savings and their credit lines too. So to survive they need to resort to some other means of payment that liquifies some existing useful asset folks already hold."

"That is where TP [toilet paper] comes handy," he adds. "So maybe someone should rather create a virtual version of TP currency that to be credible gotta be fully backed by actual TP." ...

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