Nouriel Roubini: BTC On Way To Zero
Bitcoin, and other cryptocurrencies, reached unprecedented lows this week. Bitcoin, in particular, reached its lowest value since October 2017. As for ETH and XRP, they were also impacted by the bear trend, and between the two, XRP has overtaken ETC.
Many are characterizing the recent events in the cryptocurrency market as a “crash.” And there are those that are extremely pessimistic about the condition – such as Nouriel Roubini, an economist who predicted the crash of 2008. He stated,
“I could gloat about Bitcoin collapsing 10% in a day to $5,700. But that is still some way to ZERO where Bitcoin belongs. Actually, since Bitcoin is The Mother of All Toxic Pollutions & Environmental Disasters it’s true fair value is highly NEGATIVE with the right externality tax.”
The crash caused Bitcoin’s value to dip below $6,000 and many had seen it as the “bitcoin bottom.” Roubini isn’t alone in his position – there are many who are commenting negatively about Bitcoin and XMR, and ETH. As for XMR, Roubini also took the position that it will not last and the FBI is well on its way to “cracking down.” Roubini stated,
“So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions and who is behind them than in banks. Wake up crypto zealots & Feds will crack Monero too.”
Roubini continued to comment that HODLers are “Suckers and BagHolders.” He had also stated,
“There’s a lot of talk about decentralization. Miners are centralized as an oligopoly, coders are centralized, exchanges are centralized – as 99 percent of all transactions occur on a centralized exchange – and there’s a massive concentration of wealth. This is worse than North Korea in terms of income and wealth inequality.”