Nouriel Roubini, also known as Dr Doom for the economists consistently pessimistic, but admittedly not disposable takes on market movements, continues to not make friends in the crypto space, using the rabid market downturn to call out crypto commentator, and his regular Twitter sparring partner Pomp for doubling down on a plummeting crypto market.
In response to the $1 Million bet that A ‘Pomp’ Pompliano made regarding his prediction that Bitcoin would outperform the S&P 500, Roubini at first pointed out the non-specificity of the bet, and the apparent fact that Pomp predicted a wildly inaccurate 50k value for Bitcoin by years end, only to see the market tank significantly.
What is the return on that index in 2018? A negative 85% or 95%? And is the bet starting January 1st 2018 since u predicted BTC at 50k by year end? Or are you changing the goal-post as you have been cheating all along & talking your book all year while making Bagholders lose 90%? https://t.co/Ti6F7eHRIi— Nouriel Roubini (@Nouriel) December 6, 2018
While Roubini’s criticisms of Pomp’s ‘moving the goalpost’ were already relatively pointed, Pomp apparently is unphased, and is standing by his wager, insisting that the economist puts his money where his mouth is.
If you want to check out the index, you can see it here https://t.co/xNMi316OXt— Pomp 🌪 (@APompliano) December 6, 2018
It’s clear that Roubini has no patience for crypto enthusiasm, and whatever validity there is to his criticisms there is also a level of pride in the game for him, as shown by his frequent devolutions to fangs out criticisms entwined with his market comments.
You index fund in down 50% in the month to date. And no info on the year to date performance. Probably negative 95%. @APompliano you are a pompous attention seeking con man. How many non accredited investors' lives/saving have you destroyed this year alone? You should shut up https://t.co/dPFV3LCn6o— Nouriel Roubini (@Nouriel) December 6, 2018
To be fair, Roubini is outnumbered on Twitter, where crypto enthusiasts for the most part rush to the defence of crypto and the market’s future even as they are presumably losing investment funds.
Well, Professor, you were disparaging bitcoin at $58 in April 2013, if you don't recall: https://t.co/iSL5vkhTHJ . That's +5750% to *right now*. You can check for yourself at https://t.co/P5fP4cWFTB https://t.co/KZ10ciEErA— OnChainFX (@onchainfx) December 7, 2018
While the future of the market, and Pomp’s wager, is up in the air, Roubini’s point that crypto investors like Pomp risk leading less experienced or naive investors, who may not have as much to lose as an established trader, into a clearly risky and currently free-falling investment space is well founded. Indeed, a lot of people have lost a lot of money in the recent crypto crash, and while Pomp may be optimistic about crypto’s future, Roubini’s criticisms offer a solid reminder that the market is not yet mature enough to be a safe bet for most people.