Nouriel Roubini, who is an economics professor at New York University (NYU) Stern School of Business, has taken aim at crypto following the drop in market value over the past week.
Roubini, who earned the moniker “Dr. Doom” for his prediction of the 2008 financial meltdown, has a long history of criticizing cryptocurrencies (especially Bitcoin) on Twitter and at crypto conferences around the world.
On November 26, Roubini took to Twitter to highlight the falling price of BTC and altcoins after the market capitalization for crypto plunged more than $30 billion in one week. Roubini described the current market as “crypto-carnage,” pointing out that BTC was down 65% from its all-time high in December 2017.
Crypto-Carnage: BTC down 65% from peak; other top 10 crypto-currencies down 80% from peak. 1000s of other shitcoins down 95% to 99% from peak. Total crypto-apocalypse!— Nouriel Roubini (@Nouriel) November 26, 2019
The NYU economist’s latest attack on Bitcoin follows barely a month after he gave crypto its first praise.
Speaking alongside Bobby Lee and Tone Vays at the CC Forum 2019 event in October, Roubini conceded that Bitcoin was a “partial” store of value:
Maybe Bitcoin is a partial store of value but it’s not a unit of account, it’s not a means of payment, it’s not scalable [...] in spite of its rally earlier this year, it’s lost 60% in value since it’s peak, so I don’t see it going anywhere frankly.
Roubini followed his comment on Bitcoin by stating that blockchain was antiquated and that the “Flintstones” had a more “sophisticated system of value” than crypto.
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