Connect with us


Bitcoin [BTC] is on its way to zero where it belongs: Nouriel Roubini

Akash Anand



%%title%% %%page%% %%sep%% %%sitename%% Bitcoin [BTC] is on its way to zero where it belongs: Nouriel Roubini -AMBCrypto
Source: Unsplash

On November 14, the cryptocurrency market saw a massive price drop with almost all the coins bleeding profusely. Bitcoin [BTC], the largest cryptocurrency, broke all of its immediate price supports and fell to its lowest price since October 2017. Other cryptocurrencies like Ethereum [ETH] and XRP were also affected by the bear maul, which also resulted in XRP taking over ETH in terms of market cap.

The crash was also brought into focus by Nouriel Roubini, one of the economists who predicted the 2008 financial crash and a critic of Bitcoin. After the crash, Roubini stated:

“I could gloat about Bitcoin collapsing 10% in a day to $5700. But that is still some way to ZERO where Bitcoin belongs. Actually since Bitcoin is The Mother of All Toxic Pollutions & Environmental Disasters its true fair value is highly NEGATIVE with the right externality tax.”

The crash brought the price of Bitcoin below the $6000 support, which was called the Bitcoin bottom by a lot of financial analysts. The bear maul also lowered the cryptocurrency’s market cap below the long-standing $100 billion mark. Roubini’s comments come in the wake of targeted attacks not just against Bitcoin but also against Monero [XMR] and Ethereum [ETH].

The economist had stated that Monero will not last in the market and the Federal Bureau of Investigation [FBI] will crack down on the cryptocurrency. He had said:

“So much for privacy, anonymity & censorship resistance: there is NO anonymity in crypto. Law enforcement authorities prefer transactions on crypto because it is easier to trace transactions & who is behind them than in banks. Wake up crypto zealots. & Feds will crack Monero too.”

Nourini’s comments did not just stop there, as he went to call HODLers “suckers and BagHolders”. Earlier, he had compared the Ethereum blockchain to North Korea and its co-founder Vitalik Buterin as its leader. In his words:

“There’s a lot of talk about decentralization: Miners are centralized as an oligopoly, coders are centralized, exchanges are centralized — as 99 percent of all transactions occur on a centralized exchange — and there’s a massive concentration of wealth. This is worse than North Korea in terms of income and wealth inequality”

Subscribe to AMBCrypto’s Newsletter


Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser




'Bitcoin is still going to $100,000', says Max Keiser
Source: Unsplash

CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,

“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.

Subscribe to AMBCrypto’s Newsletter

Continue Reading