Economist Nouriel Roubini has earned himself the nickname Dr. Doom, due to the ominous forecasts he offers on a variety of financial markets and assets, namely crypto and Bitcoin.
With Bitcoin price crashing once again and fear permeating the crypto market, Roubini has taken the opportunity to take a swipe at the asset class and kick it while it’s down.
Nouriel Roubini Takes Shots At Bitcoin And Altcoins
Last week, Bitcoin price fell below $8,000 and within days lost $7,000 as well, setting a fresh local low at $6,500 before bouncing back to current prices at $7,100.
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The violent drop has once again stricken crypto investors with fear, worrying that Bitcoin’s bottom may not actually be in, and the current downtrend could get worse before things begin to improve.
With cryptocurrency prices falling once again, failing to regain any lost ground from the hype bubble of 2017, well-known economist Nouriel Roubini, has taken the opportunity to kick the asset class while it’s down.
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
Bitcoin is still currently up over 100% from lows from early 2019, but has lost much of the 350% gains it amounted during the parabolic rally that began in April of this year. As Roubini points out, Bitcoin is still down 65% from its peak despite climbing back to $14,000 this year before falling over 50% to current prices.
The rest of the top ten cryptocurrencies are down roughly 80% or more from their peak, according to Roubini. The claim is easily backed up by a recent Reddit experiment where one user created an investment fund based on the top ten cryptocurrencies by market cap, which has resulted in a loss of 81%.
Lower down the list of crypto assets by market cap, Roubini calls out the “1000s” of altcoins that have lost as much as 99% of their peak values from nearly two years prior. He’s not wrong, many crypto assets that were the hottest coins of the crypto hype bubble are down 95% or more, and will likely never again return to anywhere near their all-time high prices.
Dr. Doom’s Track Record of Crypto Criticisms
Roubini, who became famous after predicting the 2008 economic collapse, earning him his nickname, has in the past said that 99% of all cryptocurrencies are worthless, will be worth zero in the future, and has even called for the death of the first-ever cryptocurrency Bitcoin.
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Dr. Doom recently launched a smear campaign against Bitcoin margin trading exchange, BitMEX, prompting an investigation by the United States CFTC, and a mass exodus of traders leaving for greener pastures.
Roubini accuses BitMEX of shady business practices, such as counter-trading against its users, among other things.
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