Everything is “burst” and “bubble” over at Bloomberg as the cryptocurrency market continues to correct. This was highlighted by famous macro trader Nouriel Roubini’s comments to the outlet that bitcoin is the “mother of all bubbles” and that cryptocurrencies in general are a “scam.”
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Dr. Doom Goes Off on Bitcoin
Charges of spreading FUD (“Fear, uncertainty, doubt”) have been bandied about rather loosely lately in the cryptoverse. But, to find a clear example of fear-mongering, look no further than Roubini Macro Associates chairman and New York University economist Nouriel Roubini.
In a new interview with Bloomberg Television, Roubini — also popularly known as Dr. Doom, for reasons you can surmise — remarked that bitcoin is the “mother of all bubbles” and the “biggest bubble in human history.”
Roubini didn’t stop there, though. He argued that most of the hundreds of cryptocurrencies beyond bitcoin “are even worse.” Though, to be fair, many investors in the cryptocurrency space would agree with that particular sentiment.
And Dr. Doom’s not one of those “I don’t know about bitcoin, but I like blockchain” guys. He also said that blockchain technologies have “been around for 10 years, and the only application is cryptocurrencies, which is a scam.”
That blanket disregard does both the cryptocurrency ecosystem and Nouriel Roubini’s judgment a disservice. To be healthily skeptical against a promising new field is one thing; to commit a partisan hit-job without underlying technical context is another.
Different Strokes, Different Folks …
Roubini may not be won around any time soon, but millennial bitcoin millionaire Erik Finman is trying to win around other millennials to the promise of cryptocurrencies.
Finman, who himself now has over $3 million USD after investing $1,000 into bitcoin six years ago, is now recommending for young investors to put 10 percent of their incomes into cryptocurrency investments.
In particular, Finman recommends the OG cryptocurrency:
“I’d just put it into bitcoin. I think bitcoin is the safest cryptocurrency right now.”
We’ll see who’s more right ten years from now, then: Roubini or Finman.
What’s your take? Do you think Roubini is just piling on, or is the bubble really popping? Sound off in the comments below!
Images via Business Insider