Notorious Nocoiner Nouriel Roubini is Having a “I Told You So” Crypto Moment
Economist Nouriel Roubini strongly dislikes cryptocurrency and finds it to be toxic. Roubini’s first comments against cryptocurrency were in 2014 and since, the digital asset is up by at least 60 percent.
Of course, the recent bear market has been a major fixture in the market. In October, Roubini issued a challenge for the “most creative insult fired at bitcoin.” He also expanded his negative views toward blockchain technology with his article entitled The Blockchain Lie. The article discusses blockchain as a largely useless and overhyped technology.
The latest decline in bitcoin’s value has also caused Roubini to tweet, “”Expect 1000s of crypto & blockchain ventures to go bankrupt. Almost all were total vaporware: they had no goods, services, products, software, apps. They stole the money & run. Crooks!” He continued in another tweet, “A high correlation btw how much the pompous carnival banker @APompliano talks up his fund that lost this year 90% of its value & how much Bitcoin/shitcoins in his fund collapse. Now BTC down to 3400. Maybe if he were to shut up for a while BTC make take a temp breather on way to 0.”
There are some who view Roubini’s sentiment against bitcoin as incorrect. For instance, less than one percent of bitcoin has been used for criminal activity. Further, while several cryptocurrencies have been hacked, bitcoin is not one of them. And chances are, bitcoin will survive this downturn as well.