Newsletter
Cryptoscout
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • ICO
No Result
View All Result
Cryptoscout
No Result
View All Result
Home Bitcoin

Nouriel “Dr. Doom” Roubini lambasts Bitcoin in 12-part Twitter thread: “it is worth $0”

by The Crypto Scout
November 29, 2020
in Bitcoin
0
Nouriel “Dr. Doom” Roubini lambasts Bitcoin in 12-part Twitter thread: “it is worth $0”
Share on FacebookShare on Twitter


A few weeks ago, some thought that Nouriel “Dr. Doom” Roubini was changing his tone on Bitcoin.

After the 2008 Recession predictor lambasted the cryptocurrency for years, Roubini said in an interview with Yahoo Finance that he thinks BTC is a “partial” store of value.

Related articles

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

April 16, 2021
This message was included in a Bitcoin block after the Coinbase listing

This message was included in a Bitcoin block after the Coinbase listing

April 15, 2021

As CryptoSlate reported previously, the economist and NYU professor said in that interview that Bitcoin has the ability to store some value due to the “algorithm” managing supply, referencing halvings. He added that Bitcoin is vastly superior to altcoins, joking that altcoins have worse inflation rates than fiat money.

Sounds like @nouriel is changing his tune.@JuliaLaRoche got him to disclose today that he now thinks Bitcoin is a store of value. (Starts ~2 min mark)

They all eventually capitulate. pic.twitter.com/Wl73LDybnO

— Pomp 🌪 (@APompliano) November 6, 2020

Many saw this as a sign that he was maybe opening himself up to Bitcoin.

But, as made in a 12-part Twitter thread published on Nov. 26, this is anything but the case.

Roubini lambasts Bitcoin

Roubini lambasted Bitcoin in this multi-part thread, holding no punches in what seems to be his most comprehensive takedown of the cryptocurrency on Twitter.

He said that the coin has “no role in institutional or retail investor portfolios” due to the fact that in his eyes, the coin has no intrinsic value, is highly manipulated, and has extreme volatility:

“Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of Bitfinex by US law enforcement. “

Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of  Bitfinex by US law enforcement. 1/n

— Nouriel Roubini (@Nouriel) November 26, 2020

He explained that Bitcoin has no value because it provides no utility and doesn’t provide an income/dividend as many assets do.

He thus said that investing in bitcoin is the same as taking money to a rigged casino, in that the odds are stacked against you.

This seems to be based on Roubini’s belief that there is heavy manipulation through spoofing and wash trading that means that odds are stacked in favor of market makers and whales as opposed to normal investors.

Not the only critic

Bitcoin is also facing some heat from other prominent market commentators.

Asset manager and market analyst Ben Hunt, while still believing that BTC is a genius idea and concept in theory, recently said that Bitcoin is “now just another game in the Wall Street casino “:

“Specifically, Wall Street has decided that Bitcoin is an Inflation Hedge ™. That’s your casino section from here on out. That’s all you’ll be allowed to be, and all the laws will follow. Too much money to be made to let you guys mess up a good thing with your crazy ideas.”

Hunt proceeded to rebut the Bitcoiners that replied to him arguing that this is anything but the case.

Hunt is referencing the news that the U.S. may require all users that want to use Bitcoin in a self-custodial manner to prove that they own the address they are transacting to. This would create a system where each transaction is tagged and tracked by the government, potentially deterring the trustless and censorship-resistant nature of the technology.

Like what you see? Subscribe for daily updates.





Source link

Tags: 12partBitcoinDoomlambastsNourielRoubinithreadTwitterworth
Share76Tweet47

Related Posts

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

Environmentalists say Bitcoin must do what Ethereum is doing to fix climate impact

by The Crypto Scout
April 16, 2021
0

The New York Times published an article featuring calls from experts saying Bitcoin will eventually need to follow what...

This message was included in a Bitcoin block after the Coinbase listing

This message was included in a Bitcoin block after the Coinbase listing

by The Crypto Scout
April 15, 2021
0

Expect hidden messages to pop on Bitcoin every time something iconic happens. Yesterday, after crypto exchange Coinbase offered its...

The $1200 U.S. stimulus payment invested in Bitcoin in April is now worth $6,495

The U.S. just got a ‘pure-play’ Bitcoin and crypto ecosystem ETF

by The Crypto Scout
April 15, 2021
0

Global investment manager VanEck launched its ‘Vectors Digital Transformation ETF’ (DAPP), yesterday, as per a release. The fund offers...

Why a trader says a Bitcoin bottom is close, based on a key technical structure

Native Bitcoin trading is coming to ShapeShift via THORChain (RUNE)

by The Crypto Scout
April 14, 2021
0

ShapeShift, a non-custodial cryptocurrency exchange, announced yesterday that it was now fully integrated with THORChain, the decentralized cross-chain liquidity...

Daily Bitcoin Transaction Volume Thriving, Nears Milestone $10 Billion

Daily Bitcoin Transaction Volume Thriving, Nears Milestone $10 Billion

by The Crypto Scout
April 13, 2021
0

Bitcoin price is booming but there’s still the same old argument that remains: “nobody uses the top cryptocurrency for actual...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

A Fund Manager Just Bashed XRP, Bitcoin Cash, and Other Altcoins

October 21, 2020
What We’re Getting Wrong About Druckenmiller and Bitcoin

What We’re Getting Wrong About Druckenmiller and Bitcoin

November 15, 2020
Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

October 20, 2020
3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

October 22, 2020
Here’s why Bitcoin will boom in the “biggest overhaul” of finance

Here’s why Bitcoin will boom in the “biggest overhaul” of finance

0
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

0
Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

Closing Time for Bitcoin’s Iconic Room 77 – ‘And That’s OK,’ Says Owner

0
India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

India Plans Bitcoin Ban Even as Its Banking System Gradually Collapses

0
Centralized stablecoins may be doomed

Centralized stablecoins may be doomed

April 18, 2021
The perils of suing crypto exchanges after ransomware attacks

The perils of suing crypto exchanges after ransomware attacks

April 18, 2021
Bitcoin on balance sheet attracts negative attention from anti-crypto banks

Bitcoin on balance sheet attracts negative attention from anti-crypto banks

April 18, 2021
Smart contract exploits are more ethical than hacking… or not?

Smart contract exploits are more ethical than hacking… or not?

April 18, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • ICO
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptoscout.io

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • ICO

© 2020 cryptoscout.io