Topic: [2018-11-21] ‘Crypto Bubble Went Bust for Good’: Bitcoin-Bashing NYU Prof. Nouri (Read 120 times)

As bitcoin suffers one of its worst corrections in its nearly decade-long history, one of crypto’s fiercest critics is calling it: the crypto bubble has burst, and prices are never coming back.

Taking a preemptive victory lap on Twitter, economist Nouriel Roubini gleefully reported that the crypto market’s recent struggles had “vindicated” his multitudinous criticisms of the still-nascent asset class.

“With BTC down almost 80% from peak (from 20K to ~4K) & all other cryptocurrencies down 80% to 99% I rest my case that this crypto bubble went bust for good. I feel vindicated,” said Roubini, a professor at NYU’s Stern School of Business. “So I will take a break for a few days from this toxic Crypto Twitter. Waste of time to convince zealots[.]”

   - https://twitter.com/Nouriel/status/1065016586824757248

Roubini, nicknamed “Dr. Doom” for his oft-bearish market predictions, further opined that the fair market bitcoin price was “sub-zero” aside from marginal collector’s value as a museum curiosity.

    “[The] fair value of BTC is sub-zero once u impose the right environmental externality tax. And I am sure some crypto zealots would buy it at negative with such tax as BTC will have a numismatic value in museums of dead pseudo-currency.”

Of course, Roubini has been bashing bitcoin since it was below $10, and — year-long bear market or not — BTC has a long way to go before it reaches that mark. Even ardent crypto skeptic Vanguard founder Jack Bogle said he’d discuss investing in bitcoin if it fell back to $100, so it’s unlikely that any investor who purchased bitcoin when Roubini first said it was a bad buy will ever see a negative return on that investment.

CCN | https://www.ccn.com/crypto-bubble-went-bust-for-good-bitcoin-bashing-nyu-prof-nouriel-roubini/