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The famed economist Nouriel Roubini is known for many things; subtlety is not one of them.
In recent years, the famous NYU professor – who rose to stardom after predicting the 2007-2008 financial crisis – has been repeatedly attacking Bitcoin specifically and cryptocurrency in general. He even went as far as referring to crypto as “worse than North Korea” and calling Ethereum founder Vitalik Buterin “Dictator for Life.”
Not very subtle.
Now, after he took his anti-crypto crusade to the U.S. Senate and after the drastic plunge of essentially the entire crypto industry, Roubini decided it was the right time for a little victory dance on Twitter.
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
Uh… okay. Let’s begin with what Roubini got right. Bitcoin (and virtually all other cryptocurrencies) indeed dropped significantly since the peak in the end of 2017 – that is true. Yet, it is also vital to remember that Bitcoin (as the most obvious representative of crypto) is still traded at a much higher price range than it had been before mid-2017 (when its price was around $2,500-$3,000). Therefore, to claim at this point in time that the “crypto bubble went bust for good” seems quite ludicrous; historical perspective is imperative for economists, and Roubini surely knows that and still chooses to make bombastic and unfounded proclamations.
It is not silly to hold a negative position on crypto, but it is quite silly to assert that it “went bust for good” when factually it is very much not the case.
I don’t know what will happen to Bitcoin and crypto in the future, but I do know what is presently happening because I have eyes and ears. Do you really want to be vindicated, Mr. Roubini, and not just declare that you feel like it? Then why don’t you base your final conclusions on facts and truth? Because, as of right now in reality, the crypto industry is still very much alive and kicking – and I can only suspect that you know that too.
Disclosure: I like Roubini. Yes, I am serious!