Weeks ago some still thought that Nouriel “Dr. Doom “Roubini changed his tone about Bitcoin.
After the 2008 recession predictor cursed cryptocurrency for years, Roubini said in an interview with Yahoo Finance that he considered BTC a “partial” store of value.
The economist and NYU professor explained in this interview that Crypto Bank is able to store a certain value because of the „algorithm“ that manages the supply and points to halving. He added that Bitcoin was far superior to altcoins – and even joked that altcoins had worse inflation rates than fiat money.
Many saw this as a sign that he might open up to Bitcoin.
However, this is not the case, as can be read in a 12-part Twitter thread from November 26th.
Roubini tries to destroy Bitcoin
Roubini tries to destroy Bitcoin in this multi-part thread. He writes that the coin plays „no role in the portfolios of institutional or private investors“ because, in his view, it has no intrinsic value, is heavily manipulated and is extremely volatile:
“Bitcoin has no role in the portfolios of institutional or private investors. It is not a currency: it is not a unit of account, it is not a scalable means of payment and it is an extremely volatile store of value. He’s heavily manipulated: look at Bitfinex’s investigation into US law. “
He explains that Bitcoin has no value because it is of no use and does not generate income / dividends like other assets.
According to Roubini, investing in Bitcoin is therefore the same as bringing money into a rigged casino.
This appears to be based on Roubini’s belief that there is heavy manipulation through spoofing and wash trading, which means that the odds are in favor of market makers and whales – as opposed to regular investors.
Not the only critic
Bitcoin has also been criticized by other prominent market commentators.
The wealth manager and market analyst Ben Hunt still believes that BTC is a brilliant idea and concept in theory. But he also recently said that Bitcoin „is just another game at Wall Street Casino now“:
“Specifically, Wall Street decided that Bitcoin is an Inflation Hedge ™. This is your casino section from now on. That is all you will be allowed and all laws will obey. You can make too much money to screw up a good thing with your crazy ideas. “
Bitcoiners argue that this is not the case. But Hunt responds to that too.
He points to the message that the US may require all users who want to use Bitcoin on their own to prove that they have the address to which they transact.
This would create a system where every transaction would be flagged and tracked by the government – which could potentially deal a serious blow to the technology’s trustlessness and censorship resistance.