In what appears as a twist of opinion, Nouriel Roubini has once again attacked Bitcoin, claiming that the digital asset possessed no value whatsoever. This is coming off the back of his previous statement that got the attention of the crypto community. In a statement earlier this year, Nouriel Roubini stated that Bitcoin might pass off as a partial store of value.
His earlier statement took the crypto community by surprise as “Dr. Doom,” as he is called, has enjoyed a strained relationship with the coin over the years as he has fondly called it all sorts of demeaning names.
Roubini makes a u-turn after praising Bitcoin
In his previous statement that was reported via major news outlets, Dr. Doom noted stated that he was beginning to see the major reason why the crypto community hypes Bitcoin so much. Going further, the New York University professor said that Bitcoin would store value based on some intricate algorithm behind its supply.
Notably, the economist talked about the halving events that take place every four years, where the supply of Bitcoin is cut in two. In his statement, Roubini referred to the relationship between Bitcoin, altcoins, and fiat money. According to him, Bitcoin is better than altcoins, with the latter’s inflation rates very poor, even more, inferior than fiat money.
Taking to Twitter, crypto enthusiast, Pompliano noted that Roubini was already singing another tune after witnessing the leading digital asset’s effect. After the interview where Roubini opened up on seeing Bitcoin as a store of value, many crypto users started thinking that he was about to buy stakes in the premier cryptocurrency. Still, they have now been met with another disappointment from the seasoned professor.
Roubini says Bitcoin holds no value
In his latest tantrums towards the digital assets and those trading it, Roubini took to Twitter to serve the asset a cold dish of derogatory words. Using a multi thread write-up, Roubini noted that the coin has no specific importance in portfolios owned by institutional and retail investors simply because the coin holds zero value.
Furthermore, Roubini stated that the coin manipulates and is riddled with extreme volatility. “Bitcoin should not be traded by institutional and retail traders simply because it should have no place in their portfolio. It has a very volatile store of value, and because it is not a currency, hence, it possesses no unit of account,” Roubini said.
He also went further to note that Bitcoin does not provide traders with income, which is why he thinks that the digital asset is not a store of value. Giving a scenario, Roubini noted that Bitcoin traders would feel like they have been cheated at a casino where the odds were against them winning.
This means that Roubini is taking things like spoofing and wash trading into consideration, hence his arguments that the odds are against regular traders as opposed to crypto whales and crypto exchanges. This is not the first time a market analyst will call Bitcoin out, as Ben Hunt has previously said that the coin has been manipulated to favor Wall Street elites.
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