Since its inception, we’ve seen a lot of people criticize blockchain technology and challenge its utility. Many claiming that bitcoin has absolutely no viable reason to exist and that its mostly used by criminal organizations.
However, in recent days, nobody has managed to lure the hatred of the crypto community more than Dr Roubini.
As many would say, he did the impossible job of reuniting the whole crypto community.
Now for those wondering,
Nouriel Roubini, also called Dr Roubini, is a famous American economist and current teacher at New York University‘s Stern School of Business. In economic circles, he is called “Dr Doom” because of his often pessimistic predictions. He is famous for being one of the few people to predict the 2008 crash. This prediction made him one of the “prophets” of economy.
And that’s not all. Nouriel Roubini also anticipated the European crisis of 2012 after observing the free fall solvency of Greece and Italy.
He has a very successful track record of predicting big economic turndowns. However, the track record only applies to traditional economy and finance.
So, we wonder how does his skill set translate into the blockchain world and what are his views on cryptocurrency?
After testifying at a congressional hearing in Washington on the 11th of October 2018, Nouriel Roubini alerted US senators about the danger of crypto-currencies like Bitcoin.
He states that :
“Crypto is the mother or father of all scams and bubbles,“.
Continuing on his tirade, he later claims :
“99% of crypto land is one shitcoin traded for another shitcoin. And the average shitcoin lost 90% or more of its value in the last year. So Crypto Land is Crap Land, a cesspool of lunatics with severe Freudian scatological obsessions that swim 24/7 in their own stinking shit.”
The economics specialist said the first signals came in December 2017 when Bitcoin approached $ 20,000. He was approached by multiple people for guidance on whether bitcoin was a good investment decision. Based on his twitter account, he would definitely advise against the purchase of any type of cryptocurrency.
As for his history predicting the crypto market, in early 2013, he was quite bearish on the price of bitcoin.
Now, for anyone who had the misfortune of listening to his advice, you missed out on the greatest rally in recent history. The price of bitcoin as of the date of this tweet was about US$120.00, leading all the way to today where the price is currently sitting at a comfortable US$6300.00. Thus missing on 5250% return.
Now don’t be too hard on yourself.
In fact, if his crypto predictions come anything close to the prediction he made in 2009, then Cryptocurrency enthusiasts have absolutely nothing to worry about. Instead, the best option would be to diligently double down on your current investment and you will be a very happy person in a near future.