„Dr Doom“ Nouriel Roubini is trying to destroy Bitcoin again: „He’s worth $0.“
Weeks ago, some still thought that Nouriel „Dr Doom“ Roubini had changed his tone about Bitcoin.
After the 2008 recession predictor had been berating the crypto-currency 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 the interview that Bitcoin was able to store a certain value because of the „algorithm“ that manages the offer and points to halving. He added by Bitcoin Pro that Bitcoin is far superior to Altcoins – and even joked that Altcoins have worse inflation rates than Fiat money.
Sounds like @nouriel is changing his tune.@JuliaLaRoche got him to disclose today that he now thinks Bitcoin is a store of value. (starts ~2 min mark)
They all eventually capitulate. pic.twitter.com/Wl73LDybnO
– Pomp 🌪 (@APompliano) November 6, 2020
Many saw this as a sign that he might open up to Bitcoin
However, this is not true, as can now be read in a 12-part Twitter thread from 26 November.
Roubini tries to destroy Bitcoin
Roubini tries to destroy Bitcoin in this multipart thread. He writes that the coin plays „no role in the portfolios of institutional or private investors“, because in his eyes it has no intrinsic value, is heavily manipulated and shows extreme volatility:
„Bitcoin has no role in the portfolios of institutional or private investors. It is not a currency: not a unit of account, not a scalable means of payment & is an extremely volatile store of value. It is heavily manipulated: look at the investigation of Bitfinex by US legislation“.
Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not a unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of Bitfinex by US law enforcement. 1/n
– Nouriel Roubini (@Nouriel) November 26, 2020
It states that Bitcoin has no value because it does not bring any benefit and does not generate any income/dividend like other assets.
According to Roubini, investing in Bitcoin is therefore the same as putting money into a rigged casino.
This seems to be based on Roubini’s belief that there is strong manipulation through spoofing and wash trading, which means that the opportunities are targeted in favour of market makers and whales – unlike normal investors.