‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouriel Roubini
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As bitcoin suffers one of its in its nearly decade-long history, one of crypto’s fiercest critics is calling it: the crypto bubble has burst, and prices are never coming back.
Taking a preemptive victory lap on Twitter, economist gleefully reported that the crypto market’s recent struggles had “vindicated” his multitudinous criticisms of the still-nascent asset class.
“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,” said Roubini, a professor at NYU’s Stern School of Business. “So I will take a break for a few days from this toxic Crypto Twitter. Waste of time to convince zealots[.]”
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)
Roubini, nicknamed “Dr. Doom” for his oft-bearish market predictions, further opined that the fair market was “sub-zero” aside from marginal collector’s value as a museum curiosity.
“[The] fair value of BTC is sub-zero once u impose the right environmental externality tax. And I am sure some crypto zealots would buy it at negative with such tax as BTC will have a numismatic value in museums of dead pseudo-currency.”
Of course, Roubini has been since it was below $10, and — year-long bear market or not — BTC has a long way to go before it reaches that mark. Even ardent crypto skeptic Vanguard founder Jack Bogle said he’d if it fell back to $100, so it’s unlikely that any investor who purchased bitcoin when Roubini first said it was a bad buy will ever see a negative return on that investment.
Nevertheless, that’s unlikely to stop Roubini from declaring victory, as crypto skeptics have done more than 315 times in the past, according to the unofficial “” index. Each of those predictions has thus far been proven wrong. Time and market forces will tell if Roubini’s forecast becomes just another data point on that list.
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Over 50 Blockchain, Fintech Regtech and Funding Experts heading to Vancouver Nov. 28 VanFUNDING
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The title sponsor is Raymond James, with Gowling WLG, Victory Square Technologies, Blockchain Intelligence Group, and Etherparty as platinum partners.
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While Regtech is new in Canada, its gaining significant traction globally, and firms are gaining a competitive advantage. Participation in the hackathon is inclusive and we encourage entrepreneurs and regulatory experts, innovators, data analysts, designers and developers to all join us in helping discover and launch some amazing BC Regtech-focused projects,” said Craig Asano, CEO VanFUNDING.
VanFUNDING 2017 brings together start-ups and leading industry professionals in a unique venue, selected to promote interactive dialogue and discussion. Combined with workshops and a Regtech Hackathon co-hosted with the BC Securities Commission where $20,000 is up for grabs in cash and prizes, this is a not to be missed event that provides opportunities for all types of businesses in the blockchain and financial technology sector to innovate, learn and network.
For more information about VanFUNDING 2017, please visit:
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. For more information, please visit: .
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