Economist Dr. Nouriel Roubini, also known as Dr. Doom, hasn't missed an opportunity to remind the community what he thinks of cryptocurrencies.
Roubini’s dislike of cryptocurrencies isn’t a secret. In May, for example, Roubini commented that Bitcoin investors, specifically those who invested in the world’s biggest cryptocurrency after its meteoric rise at the end of last year, are “suckers.” Then in October, Roubini described the cryptocurrency industry as “the mother of all scams."
With regards to yesterday’s market crash, however, Roubini has taken to Twitter to further reinforce his opinion on the industry, stating that a 10% collapse in the price of Bitcoin to $5700 is gloat-worthy, but still a far cry from “ZERO where Bitcoin belongs.”
I could gloat about Bitcoin collapsing 10% in a day to $5700. But that is still some way to ZERO where Bitcoin belongs. Actually since Bitcoin is The Mother of All Toxic Pollutions & Environmental Disasters its true fair value is highly NEGATIVE with the right externality tax— Nouriel Roubini (@Nouriel) November 14, 2018
One Twitter user took exception to Roubini's criticisms, tweeting:
This sounds familiar... pic.twitter.com/KOjrkfykPY— code MD⚡ (@thecodeMD) November 14, 2018
He then replied to another user who criticized a different tweet. In response, Nouriel said that it's his belief “that BTC is worth negative,” stating that the coin “isn’t scalable” and “it isn’t a stable store of value.”
I happen to truly believe that BTC is worth negative; no hyperbole. The BTC Maximalist view that 98% of crypto are shitcoins but BTC isn't is flawed: BTC isn't scalable & all talk about upper layers of BTC with Litecoin/etc is nonsense. & it isn't a stable store of value nor UoA https://t.co/yRQJK245cM— Nouriel Roubini (@Nouriel) November 14, 2018
Community members reacted about as well as can be imagined:
Dude. Upper layers with Litecoin? You'd be a more credible detractor if you knew what you were talking about.— zach (@UncleZachh) November 14, 2018
We can’t take you serious if you think that litecoin is a second layer solution for btc. Do your homework!— Naka Fomo (@_nakafomo) November 14, 2018
Roubini doesn’t mince his words in his final tweet:
As 1000s of shitcoiners were hurling insults at me today Bitcoin lost another 7% to below $5400; & bigger bloodbath in all other shitcoins. These zealots HODLing suckers/BagHolders still sinking deeper in their stinking cesspool while savvy Whales/Con Men dump that Crap on them.— Nouriel Roubini (@Nouriel) November 14, 2018
The truth is you will choke on your words . and people who bought bitcoins at $5 a piece are still laughing at you.— Antonius Aurelius (@60below) November 15, 2018