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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Roubini Trashes Crypto and Blockchain, Calls Them a “Failing Set of Technologies”

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
Nouriel Roubini

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American economist and chairman of economic consultancy firm Roubini Macro Associates LLC, Nouriel Roubini, is keeping his earned nickname of “Dr. Doom” intact, providing an incredibly bearish report on cryptocurrencies and Bitcoin in front of the U.S. Senate today.

Cryptocurrency is the “Mother of All Scams and Bubbles”

Dr. Nouriel Roubini, who has earned the nicknames “Dr. Doom” and “permabear” through his routinely negative predictions about financial markets such as cryptocurrencies, read through a scathing 37-page report today.

Taking place in front of the U.S. Senate Committee on Banking, Housing and Community Affairs, Roubini gave his views on cryptocurrencies and the blockchain technology powering them in his report entitled “Exploring the Cryptocurrency and Blockchain Ecosystem.”

Roubini, who in the past called Bitcoin the “biggest bubble in human history,” “bullshit,” a “ponzi game,” and something that “only attracts suckers,” and warned of Bitcoin prices going to “all the way down to zero,” didn’t hold back during today’s hearing.

Roubini claimed that cryptocurrencies are the “mother of all scams and bubbles” and called cryptocurrency investors “clueless” for buying assets offered by “scammers, swindlers, criminals, charlatans, insider whales and carnival barkers.”

Roubini continued his full on assault on Bitcoin, also calling attention to the cryptocurrency’s volatility, making it a poor store of value or payment solution, and citing Bitcoin mining’s effect on energy consumption.

The permabear pointed out Bitcoin’s 70% drop from its $20,000 all-time high in December 2017, but compared it favorably next to altcoins, which he referred to as “shitcoins,” before apologizing to the Senate Committee for insulting “manure.”

“Actually calling this useless vaporware garbage a shitcoin is a grave insult to manure that is a most useful, precious and productive good as a fertilizer in agriculture,” he said apologetically.

Permabear Blasts Blockchain’s Early Beginnings

Roubini’s blasts spilled over into the technology underpinning cryptocurrencies like Bitcoin, which many believe could revolutionize a variety of industries, including finance. The outspoken economist also trashed blockchain, calling it the “most over-hyped technology ever,” and added that it’s “nothing better than a glorified spreadsheet or database.”

He does believe that the financial services industry has been “undergoing a revolution,” but that it has nothing to do with blockchain. Instead, Roubini sees the future of finance being built on “artificial intelligence, big data, and the Internet of Things,” and claims “thousands of real businesses are using these technologies to disrupt every aspect of financial intermediation.”

Roubini also shot down the idea that cryptocurrencies and blockchain are comparable to the early days of the internet. Instead of “booming” in every dimension, he says that crypto and blockchain are “literally collapsing and imploding in every possible dimension.” He concludes that they are a “failing set of technologies.”

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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