Nouriel Roubini aka Dr. Doom, an American economist, has yet again stormed on Bitcoin and cryptocurrency, terming the 2017s Bitcoin bubble as the “mother and father of all bubbles”.
Dr. Doom said that the largest cryptocurrency, Bitcoin, is not scalable. Bashing all users by terming them a “delusional army of people”, the crypto cynic stated:
“Especially telling was that by the second half of 2017, there were millions of people who didn’t know anything about finance or portfolio investments, driven by FOMO or the fear of missing out, buying bitcoin and all these other s**tcoins.”
The economist was of the opinion that the bubble started to burst because cryptocurrencies had “no real fundamental value”.
Talking about his tryst with the crypto community, Roubini said that the people he met at cryptocurrency and blockchain conferences had no knowledge of the basics of economics, finance, and money, among others. He added that these people were clueless, but still wanted to revolutionize every aspect of the traditional money. He said:
“I met some of these individuals, and I must say I’ve never seen in my life people who on one side are so arrogant in their views, who are total zealots and fanatics about this new asset class.”
After the Bitcoin bubble in late 2017, the largest cryptocurrency lost nearly 85% of its value. Bitcoin, however, recuperated and maintained its price in the $3,300-$4,000 range. During the recent rally, the ‘gold’ crypto embarked on a support level of $3,800.