99 Percent Of Digital Moneys Are Worth Zero Nouriel “Dr. Doom” Roubini Reveal
Nouriel Roubini forecast the 2008 monetary crisis when majority of the people were not aware of the threat. The expert was an economist based in New York.
Roubini has been passionate about the cryptocurrencies business for a long time. This month, the expert warned the US senators to stop engaging in financial scams. The event occurred during the congressional hearing at Capitol Hill.
Roubini disclosed why he does not believe in smart contracts during a BlockShow event in Las Vegas. The professional further explained why he believes Ethereum is a fraud. Therefore, he was considering investing in another cryptocurrency.
Why Roubini Was Against Digital Money Industry
The economist explained that he was against the cryptocurrency business as many individuals thought. He was only warning them about a financial crisis that was likely to happen in future. Additionally, he suggested that the digital money industry has been surrounded by several financial scams lately. Therefore, most investors could lose their money to individuals and entities with malicious intentions.
In 2017, most stockholders developed an interest of investing in Bitcoin after its prices skyrocketed in the market. The price increased to $ 20,000 but after a short period the value decreased to $ 6,000. Those who bought it when the price had reduced lost a lot of money after executing their transactions.
Bitcoin is just an indicator of how the cryptocurrency assets were performing poorly in the market. Further, research indicates that the general digital currency market was no longer attractive. The price of most digital assets had declined.
Bitcoin was expected to continue with its downward trend in future. According to the expert, Bitcoin could record a zero value.
Is The Price Shift And Ethereum Becoming A Fraud
A recent study indicates that more than 80% of all ICO’s were frauds. 11% have already failed and exited the market. Others had lost their value significantly. This has made the shareholders to stay away from these types of investments. Most savers are no longer interested in these markets because of the fear of losing their money.
Roubini has declared that 99% of digital moneys are valueless. However, some individuals might be reluctant to exit the market soon. These investors may hold some Bitcoin as they continue speculating the market trends. Ethereum continues to be a scam and anyone who invests here will lose money. The economist has described it as a worthless investment with no returns.
In future, stockholders should seek the opinion of experts before committing any funds in this industry. The primary intention is to ensure that they do not lose their hard earned money to fraudsters.