Dr Doom Does it Again: Bitcoin and Crypto People Are Arrogant Zealots and Fanatics

In another scathing attack on Bitcoin and cryptocurrencies Nouriel Dr Doom Roubini has labeled individuals involved in crypto and blockchain as total zealots and fanatics about this new asset class.

The Mother and Father of All Bubbles

In an interview with the CFA Institute Roubini was quite aptly labeled as a perennial permabear. He is known for calling out bubbles, most famously the housing bubble leading up to the global financial crisis. He has also labeled crypto as the mother and the father of all bubbles adding;

But to me, the whole crypto space is one of assets that are not really money. Theyre not really a currency. Theyre not a scalable means of payment. Theyre not as stable in terms of store of value.

While the price action of Bitcoin and its brethren has behaved like a bubble in the past 18 months one has to look at the bigger picture to see that Roubini is clearly barking up the wrong digital tree here. Yes, Bitcoin is down 80% from its all-time high but it is also up 225% from this day two years ago, March 8 2017 when BTC traded at $1,200. That is not how bubbles behave.

The venting went on as Dr Doom vehemently displayed his distaste for this asset class and all who are involved in it.

Well, I engage on Twitter and I also have attended many of these crypto or blockchain conferences. I met some of these individuals, and I must say Ive never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class,

He added that those people were also completely ignorant of basic economics, finance and money. It would be interesting to see if Roubini had the same views about those that invested in the dot com boom and bought Netscape stock, for example, when they launched the IPO at $28. The shares surged to $175 by the end of 1995 and some of the biggest gainers from that period were investment bankers who clearly did have a grasp of economics.

Roubini added that the start of internet was a bubble with a lot of dot coms going bust but it kept growing, adding the billions of people used it and it changed the world. Again, what he fails to see is that crypto is still in this very early phase with virtually no adoption yet the capacity for growth is as big as the internet was back in the 1990s and the institutions are clearly showing interest this year.

The ranting continued and one could almost envision the blood pressure rising;

The ratio between arrogant and ignorant is astounding I have never seen such a gap in my life. These are fanatics. Some of them, like criminals, zealots, scammers, carnival barkers, insiders who are just talking their book 24/7.

As if in gloat mode for correctly predicting that a bear market would follow a huge bull run, Roubinis venomous rhetoric towards this industry appears to be stemming from some deep personal loathing of it and the people involved in the nascent technology. Nothing more, nothing less.

Image from Shutterstock

The post Dr Doom Does it Again: Bitcoin and Crypto People Are Arrogant Zealots and Fanatics appeared first on NewsBTC.

08.03.2019 / 00:40 79
Dr Doom Claims Central Bank Digital Currencies Could Destroy Crypto Dr Doom Claims Central Bank Digital
If central banks issue their own digital currencies, then it would destroy cryptocurrencies like Bitcoin, wrote Nouriel “Dr. Doom” Roubini in his
‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini ‘Crypto Bubble Went Bust for Good’:
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
Nouriel Roubini Sounds off on Cryptocurrencies in Senate Hearing Nouriel Roubini Sounds off on
Noted economist Nouriel Roubini sounded off on virtual currency and blockchain in a recent Senate hearing. The NYU professor classified
“Dr Doom” Nouriel Roubini Calls Crypto a “Stinking Cesspool,” Fails to Grasp Its Value “Dr Doom” Nouriel Roubini Calls Crypto
New York University Economist Nouriel Roubini has once again attacked cryptocurrency and its supporters. The man known as “Dr Doom” for his bearish
Roubini Trashes Crypto and Blockchain, Calls Them a “Failing Set of Technologies” Roubini Trashes Crypto and Blockchain,
American economist and chairman of economic consultancy firm Roubini Macro Associates LLC, Nouriel Roubini, is keeping his earned nickname of “Dr.
Top Economists Stiglitz, Roubini And Rogoff Renew Bitcoin Doom Scenarios Top Economists Stiglitz, Roubini And
Three of the most respected economists in the world – Kenneth Rogoff, Nouriel Roubini and Joseph Stiglitz – have repeated their past criticisms of
Comments (0)
Add a comment
Comment on