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

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

3 Comments

  1. Avatar

    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. Avatar

    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. Avatar

    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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Bitcoin

Bitcoin’s censorship resistance, freedom make it a game changer in the economic industry

Biraajmaan Tamuly

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Bitcoin's censorship resistance, freedom makes it a game changer in the economic industry
Source: Pixabay

Over the years, the global economic industry has witnessed significant changes. However, no change has been more significant or essential than the one introduced by the concept of virtual assets or Bitcoin. Today, Bitcoin and other virtual currencies are almost as essential as fiat money and despite the fact that digital assets have not reached worldwide adoption, the pace of growth has been substantial.

In a recent panel discussion, Jedidiah Taylor, CEO and Founder of Decent.Bet, the smart contract-based sports betting platform, stated that the idea of Bitcoin and blockchain technology projected a perspective of freedom and honesty which allowed individuals to have direct control over their own capital, without any oversight supervision from financial institutions.

The sentiment was followed by Nico De Jonghe, Founder and CEO of NDJ Investment Group, who added that the threat of decentralized assets loomed the largest over centralized institutions like banks, who were worried of the future prospects offered by Bitcoin and its impact on the long-term financial situation.

Tone Vays, a reputable analyst and Bitcoin proponent, opined and stated that Bitcoin’s biggest strength was the fact that it was completely “unconfiscatable” and that one’s BTC is completely safe if it is protected and secured with attention. The characteristic of censorship-resistant value transfer is also an absolute game-changer for Bitcoin, allowing it to competitively exist in the financial system.

The value of Bitcoin has often been criticized in the past, but its valuation has consistently proven its worth. In fact, Bitcoin has grown by more than 150 percent in 2019.

At press time, Bitcoin was priced at $11,371, with a market capitalization of over $202.18 billion. The staggering valuation of an asset that was unheard of 10 years ago, further underlines the potential of Bitcoin in the current market scenario and for the future economies.





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