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Bitcoin [BTC] losing 85% of its value is ‘the mother and father’ of all bubbles, says Nouriel Roubini



Bitcoin [BTC] losing 85% of its value is 'the mother and father' of all bubbles, says Nouriel Roubini
Source: Pixabay

Nouriel Roubini aka Dr. Doom, an American economist, has yet again stormed on Bitcoin and cryptocurrency, terming the 2017s Bitcoin bubble as the “mother and father of all bubbles”.

Dr. Doom said that the largest cryptocurrency, Bitcoin, is not scalable. Bashing all users by terming them a “delusional army of people”, the crypto cynic stated:

“Especially telling was that by the second half of 2017, there were millions of people who didn’t know anything about finance or portfolio investments, driven by FOMO or the fear of missing out, buying bitcoin and all these other s**tcoins.”

The economist was of the opinion that the bubble started to burst because cryptocurrencies had “no real fundamental value”.

Talking about his tryst with the crypto community, Roubini said that the people he met at cryptocurrency and blockchain conferences had no knowledge of the basics of economics, finance, and money, among others. He added that these people were clueless, but still wanted to revolutionize every aspect of the traditional money. He said:

“I met some of these individuals, and I must say I’ve 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.”

After the Bitcoin bubble in late 2017, the largest cryptocurrency lost nearly 85% of its value. Bitcoin, however, recuperated and maintained its price in the $3,300-$4,000 range. During the recent rally, the ‘gold’ crypto embarked on a support level of $3,800.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

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  1. David

    March 9, 2019 at 5:07 AM

    If…..Bitcoin bubble is the “mother and father of all bubbles”…..then USD is just “Toilet Paper”….

  2. Douglas clement

    March 9, 2019 at 5:47 AM

    Let me be clear, there are two types of outspoken critics. The first are the ones who sold too early or too late. They no longer have skin in the game. The second are guys like Nouriel Roubini who are negative for the sake of being negative. He has no skin in the game. Either way, these people neither win nor lose, they simply have nothing to lose either way. For me, it’s not about winning or losing, it’s about being in the game. When Jeff Bezos spoke about the decision making process of successful people in business, he said that if you have a 10 percent chance of a 10X return on your investment, you make that bet everytime. Sometimes your investments fail, that’s life. None of us know the future, but I can almost guarantee that the future is not where we stand today. The future is change, and Bitcoin is change. Potentially more than any lay person can even comprehend. It’s a risk worth taking.

  3. Robert

    March 9, 2019 at 4:03 PM

    This guy is starving for attention like a little child. If you don’t like crypto leave it at that and teach your libtards that have to agree with you to get a passing grade. Bitcoin transfers value at a fraction of the cost compared to using banks or wires. It’s called a “service” that cuts out the middle men from raping you with fees. Just because there’s no sparkly tangibles doesnt mean it’s not useful as a service. This man is a suit with eyebrows. Cry somewhere else

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