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Home Cryptocurrency news

Dr. Doom Takes Opportunity To Kick Crypto While It’s Down

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
crypto dr doom bitcoin nouriel roubini
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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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Related Reading | Dr. Doom Roubini Fuels Criminal Crypto Concerns With Scathing Bitcoin Op-Ed

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.

Related Reading | BitMEX Bitcoin Volume Slumps 33% After CFTC Investigation 

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.

Featured image from Shutterstock
Tags: altcoinsbitcoincryptoDr DoomNouriel Roubini
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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