Nocoiner Nouriel Roubini, also known as Dr. Doom, is gleefully gloating about the recent drop in Bitcoin price.
The recent dramatic fall in Bitcoin price has caused quite a bit of consternation among the crypto faithful. The world’s foremost cryptocurrency had been rather steady for the last few months, trading between $6,200 and $6,800. That came to an abrupt stop when the coin dropped from just over $6,300 to under $5,400. Those individuals who hate cryptocurrency are ecstatic with this turn of events, with noted nocoiner Nouriel Roubini, also known as Dr. Doom, gloating over the slumping Bitcoin price.
Joy for the Nocoiner
Christmas came early to the New York University professor when the price of BTC dropped dramatically. The noted nocoiner took to Twitter to broadcast his glee. He tweeted:
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
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
— Nouriel Roubini (@Nouriel) November 14, 2018
This is par the course for the cryptocurrency skeptic. He has long railed against Bitcoin and other cryptocurrencies. It was just last month when he went on another diatribe against the crypto community, ranting:
Scammers, swindlers, criminals, charlatans, insider whales and carnival barkers (all conflicted insiders) tapped into clueless retail investors’ FOMO (“fear of missing out”), and took them for a ride selling them and dumping on them scammy, crappy assets at the peak that then went into a bust and crash — in a matter of months — like you have not seen in any history of financial bubbles.
Dr. Doom Proven Wrong Before
It’s just not cryptocurrency that Nouriel Roubini focuses his ire on – he also is not a fan of blockchain technology. He calls this innovative technology “the most over-hyped – and least useful – technology in human history: in practice, it is nothing better than a glorified spreadsheet or database.”
One wonders what he makes of all the financial and corporate giants eagerly investing millions into blockchain technology. Perhaps he doesn’t think too much of companies like IBM or JP Morgan as they’ve joined the blockchain revolution.
Roubini has been wrong before when it comes to cryptocurrency. He has been way off when it comes to Bitcoin transaction fees, the true decentralization of blockchain, and the fact that crypto is not the currency of choice for criminals. This lack of awareness is summed up in an old tweet of his from 2013 where he gloats about Bitcoin falling to $58. Some would say having something appreciate 100x in value over five years would be quite astonishing.
Overall, this is par the course for the nocoiner. His main claim to fame is predicting the financial meltdown in 2008, but so did a lot of other people. A few years ago, his economic research firm, Roubini Global Economics, was losing millions of dollars.
One thing is certain when looking at Roubini’s Twitter history – he’s a big fan of centralized power. He is happy to see the difficulty the UK is having in making their Brexit from the European Union. He’s a proponent of open-borders trading that benefits the largest corporations, and he’s definitely not a fan of the United States’ second amendment. As cryptocurrency was created to allow people to strike a blow for individual economic freedom against the financial gatekeepers, it’s obvious to see why Roubini is not a fan.
What do you think of Dr. Doom’s recent gloating? Let us know in the comments below.
Images courtesy of Shutterstock, Twitter/@Nouriel, and Flickr/@Matt Ray.