Roubini and Pomp square up on Twitter yet again over $1 M crypto bet

07 Dec, 2018
by Arthur Sillers
Roubini and Pomp square up on Twitter yet again over $1 M crypto bet

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.

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.

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.

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.

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.

Read more: Roubini takes another swing at crypto, Anthony Pompliano steps up Roubini's critiques are nothing new, and they're worth taking seriously

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