Nouriel Roubini Gets Nasty Again about Bitcoin, Citing a Crypto Funeral Approaching in the Future
Nouriel Roubini continues with his attacks to the virtual currency market and Bitcoin (BTC). On Twitter, he said that Bitcoin is getting close to a funeral march. Roubini is known in the financial world for predicting the 2008 financial crisis and gained attention from the cryptocurrency space when it started to attack Bitcoin and other virtual currencies.
Now it appears that he believes that Bitcoin is going to disappear in the near future. However, the price of the popular virtual currency has helped bears to start attacking the market for different reasons.
During this year, Bitcoin lost around 80% of its value. Back in December 2017, Bitcoin was traded close to $20,000 and now each coin can be purchased for less than $4,000. Its market capitalization is currently $68.1 billion.
Roubini marked on his Twitter account some of the recent Bitcoin headlines on the media. One of them says
‘It is time to bury Bitcoin says UBS’
which is the world’s largest asset manager. Another title that spread on mainstream media was ‘Bitcoin is on a death spiral,’ which has been uploaded to MarketWatch.
He then said that if this sounds like a funeral, that means that Bitcoin and other virtual currencies ‘are on the way [to] a funeral march!”
Recent Bitcoin headlines:
"It is time to bury Bitcoin says UBS" (biggest world asset manager) via CNBC
"Bitcoin is on a death spiral": opinion piece on MarketWatch
If it all sounds funereal it is because Bitcoin and all other crypto-currencies are on the way a funeral march!
— Nouriel Roubini (@Nouriel) December 4, 2018
Paul Donovan, UBS’s Global Wealth Management’s chief economist, and Finance Professor, Atulya Sarin, stated that Bitcoin is on a death spiral. Additionally, Donovan mentioned that virtual currencies are ‘fatally flawed.’ Moreover, he said that virtual currencies are not going to be a store of value in the future.
Virtual currencies have been expanding in the virtual currency market in the last couple of years. Although this year was not good in terms of price action for most of the virtual currencies, the crypto space is evolving and becoming larger every single year.
There are many other specialists in the market that believe that Bitcoin will grow in the future and reach new all-time highs in the coming years.