Dr. Doom: Crypto Bubble to Burst and It’s Good
In less than a week, the price of BTC has fallen from $6,400 to $4,200. The entire cryptocurrency market lost almost $70 billion in capitalization. And the long-time critic of the crypto industry - Nouriel Roubini - believes this is a sign of the imminent death of coins.
Distinguished economist Nouriel Roubini got the nickname Dr. Doom for predicting the global financial crisis in 2008. Roubini is also known for his critical attitude towards cryptocurrency and blockchain. According to him, the innovative technology is nothing more than the mother of all scams.
Now, when the market entered a steep dive, Dr. Doom is sure that cryptocurrencies will soon disappear from the face of the Earth. According to him, BTC has lost almost 80% from its peak value of $20,000. Some altcoins are now 99% cheaper. This is the signal that the crypto bubble starts to burst, and soon the cryptocurrency will be gone forever.
The fair value of the BTC, according to Roubini, is zero. Even so, some crypto zealots will buy Bitcoin, since it will have “a numismatic value in museums of dead pseudo-currency.”
According to Coinmarketcap, the price of BTC collapsed to $4,282 on November 20. On Wednesday, the market began to indicate weak signs of recovery, and at the time press time, BTC price rose to $4,513.