‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini

Neutral ‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini

As bitcoin suffers one of its worst corrections in its nearly decade-long history, one of crypto's fiercest critics is calling it: the crypto bubble has burst, and prices are never coming back.

Taking a preemptive victory lap on Twitter, economist Nouriel Roubini gleefully reported that the crypto market's recent struggles had "vindicated" his multitudinous criticisms of the still-nascent asset class.

"With BTC down almost 80% from peak (from 20K to ~4K) & all other cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went bust for good. I feel vindicated," said Roubini, a professor at NYU's Stern School of Business. "So I will take a break for a few days from this toxic Crypto Twitter. Waste of time to convince zealots[.]"

With BTC down almost 80% from peak (from 20K to ~4K) & all other cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went bust for good. I feel vindicated. So I will take a break for a few days from this toxic Crypto Twitter. Waste of time to convince zealots

- Nouriel Roubini (@Nouriel) November 20, 2018

Roubini, nicknamed "Dr. Doom" for his oft-bearish market predictions, further opined that the fair market bitcoin price was "sub-zero" aside from marginal collector's value as a museum curiosity.

"[The] fair value of BTC is sub-zero once u impose the right environmental externality tax. And I am sure some crypto zealots would buy it at negative with such tax as BTC will have a numismatic value in museums of dead pseudo-currency."

Of course, Roubini has been bashing bitcoin since it was below $10, and - year-long bear market or not - BTC has a long way to go before it reaches that mark. Even ardent crypto skeptic Vanguard founder Jack Bogle said he'd discuss investing in bitcoin if it fell back to $100, so it's unlikely that any investor who purchased bitcoin when Roubini first said it was a bad buy will ever see a negative return on that investment.

Nevertheless, that's unlikely to stop Roubini from declaring victory, as crypto skeptics have done more than 315 times in the past, according to the unofficial " Bitcoin Obituaries " index. Each of those predictions has thus far been proven wrong. Time and market forces will tell if Roubini's forecast becomes just another data point on that list.

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11/21/2018 / 14:38:04 Source: ccn

BTC
1 BTC=$3,715.38
XRP
1 XRP=$0.3594
ETH
1 ETH=$102.64
XUC
1 XUC=$2.28
EOS
1 EOS=$2.68
BCH
1 BCH=$103.34

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Latest comments:

4 min
Hey Sam, how is it going? But I must explain to you how all this mistaken idea of denouncing of a pleasure and praising pain was born
3 min
Pretty good. Doing my homework.. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure, but because
2 min
Any chance to go out? To take a trivial example, which of us ever undertakes laborious physical exercise, except to obtain some advantage
2 min
.. Maybe 40-50 mins. I don't know exactly. On the other hand, we denounce with righteous indignation and dislike men who are so beguiled
1 min
Anyway sounds great! These cases are perfectly simple and easy to distinguish.