Nouriel Roubini, chairman of Roubini Macro Associates, believes that the popular digital cryptocurrency has been wildly overhyped since its onset, and now represents what he recently described as the "biggest bubble in human history."
Back in February, Roubini tweeted about the then-dramatic price slide of Bitcoin, which at the time was crashing below $6,000 per "coin" after reaching all-time-highs above $20,000 per coin. As of this writing, Bitcoin is now hovering just below $4,000 per coin – and will very soon, contends Roubini, plunge into the abyss.
"Crypto is THE most manipulated financial market in ALL human history & manipulation of 'assets' that are all s***coins & worth ZERO," Roubini recently tweeted.
"It makes the Wolf of Wall Street look like a naive amateur. And in spite of this sleaze s***coins lost 95% this year!"
Roubini testifies before Senate committee, says Bitcoin is "mother of all bubbles"
Roubini, who also teaches economics at New York University's Stern School of Business recently testified before the U.S. Senate Committee on Banking, Housing and Community Affairs about cryptocurrency, blockchain ecosystems, and other crypto-related topics. He described cryptos as:
"...the mother of all scams and (now busted) bubbles while blockchain is the most over-hyped technology ever."
"It is clear by now that Bitcoin and other cryptocurrencies represent the mother of all bubbles," Roubini stated unequivocally.
"Scammers, swindlers, criminals, charlatans, insider whales and carnival barkers (all conflicted insiders) tapped into cluelesns retail investors' FOMO ('fear of missing out'), and took them for a ride selling them and dumping on them scammy crappy assets at the peak that then went into a bust and crash – in a matter of months - like you have not seen in any history of financial bubbles."
Cryptos craze turns people into irrational, greed-driven morons
Just like the Mississippi Bubble, the South Sea Bubble, and the infamous Tulip-mania bubble, Bitcoin and the crypto craze has caused many naive and inexperienced amateur investors to lose a lot of cash – and it appears to have been designed this way all along.
Trusting that they'd make generous profits, many people hopped on the crypto bandwagon thinking it was all headed to the moon. But what many of them came to realize is that it was all a scam to enrich a select few at the expense of many.
"... calling this useless vaporware garbage a 's***coin' is a grave insult to manure that is a most useful, precious and productive good as a fertilizer in agriculture," Roubini chided in disgust about the scam that is Bitcoin.
He also had a few sharp things to say about blockchain itself, which represents the technology that powers cryptos like Bitcoin.
According to Roubini, blockchain "is the most over-hyped – and least useful – technology in human history."
"In practice, it is nothing better than a glorified spreadsheet or database," Roubini is quoted as saying, throwing the entirety of blockchain technology in with cryptos themselves as fulfilling what he describes as a "crypto-apocalypse."
"No wonder as a recent study showed that 81% of all ICOs were scams in the first place, 11% of them are dead or failing while only 8% of them are traded in exchanges," Roubini says.
"And out of this 8% the top 10 coins traded – after Bitcoin – have lost between 83% and 95% of their value since peak with an average loss of over 90%. This is a true Crypt-Apocalypse."
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