Bitcoin [BTC] and other cryptocurrencies are on the way to a funeral march, says Nouriel Roubini


Nouriel Roubini aka Dr. Doom continues to strike down the cryptocurrency space. The economist, known for predicting the 2008 financial crisis, gained the attention of the entire cryptocurrency space by making a statement against Bitcoin [BTC] and Vitalik Buterin, the co-founder of Ethereum. This brawl went to an extent wherein the whole community wanted both Buterin and Roubini to have a debate on the cryptocurrency space.

Now, Roubini is back in the limelight because of his statement on Bitcoin [BTC] and other cryptocurrencies’ state in the market. The biggest and the very first decentralized digital currency has witnessed a massive fall since its all-time high in January 2018. The coin has lost almost 80% of its value, currently trading at $3992 on Binance, one of the leading cryptocurrency exchange platforms.

Roubini stated on Twitter:

“If it all sounds funereal it is because Bitcoin and all other crypto-currencies are on the way a funeral march!”

This remark comes in the wake of the comment made by UBS’s Global Wealth Management’s chief economist, Paul Donovan and an opinion article written by a Finance Professor, Atulya Sarin stated that ‘Bitcoin is on a death spiral’

Recently, Paul Donovan had stated that Bitcoin and other cryptocurrencies are never going to currencies and that they are “fatally flawed”. He stated that the key problem with digital currencies is that they are not going to be a store of value, as it is all about supply and demand. Donovan added that in the case of cryptocurrencies, supply cannot be controlled as a result to a drop in the demand.

Additionally, Atulya stated that Bitcoin [BTC] is “close to becoming worthless”. The finance professor further that Bitcoin is going to go zero because of the mining death spiral and due to its “run of the mill greed driven investors.”

Fabiano Anemone, a Twitterati said:

“Eventually everything comes to a end. But overall Bitcoin has bigger chances to survive than Euro. Eurozone is the real foolish idea, it’s proven to be broken, proven to be unsuccessful in contrasting major crisis, proven to damage real economies, proven to enslave democracies…”

The Endless Chain, another Twitterati said:

“It’s drank the blood from many an “average” American investor, w/no regulations and a large underbelly of ne’er do wells like rapper DJ Khaled & former pro boxer Floyd Mayweather infesting social media, it’s time to start making penalties for this sort hurt…”

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