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Bitcoin is not an asset, claims Nouriel Roubini, a professor at Stern School, New York University. In his most recent tweet he says; ‘Bitcoin drops 25% from 41k to 31k in 2 days. 15% down in 24 hours. Most speculative, risky, scammed and manipulated pseudo-asset in human history. Its true value is still negative, not even 0, given the massive polluting externalities of its mining! A crappy environmental disaster!’
Professor Nouriel in time past has always given his perspective on Bitcoin, which have always being greeted with so many mixed reactions. On the 17th of December, 2020 he tweeted that he stands by his views: the higher they bubble, the harder they will fall once the criminal Tether manipulation is crashed & FOMO driven retail/institutional suckers get burned hard as in 2008. The parabolic rise in BTC has no fundamentals.
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A further dig by OgaCeo into a 12 part-thread of Nouriel Roubini on Bitcoin revealed another angle to the supposed digital currency.
According to Professor Nouriel, he started by saying; “Bitcoin has no role in institutional or retail investors’ portfolios. It is not a currency: not a unit of account, not a scalable means of payment and is a highly volatile store of value. It is heavily manipulated: look at the investigation of Bitfinex by United States law enforcement.”
“See also the academic evidence that Tether is sued to manipulate the Bitcoin market. And look at the recent indictment if Bitmex and his criminal CEO and gang. It has no intrinsic value, it is not backed by an asset, it is not legal tender, it cannot be used to pay taxes.”
“Almost no merchant uses bitcoin as its price volatility leads to market risks that any profit margin is wiped out before you can convert it back to fiat. Not scalable means of payment. It’s toxic for the environment as POS huge enormous amounts of energy and pollutes the earth.”
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“Bitcoin is not an asset as it has zero intrinsic value. Assets do either provide an income or capital gains or utility or real use of some sort. Stocks, bonds, real estate, and other assets provide both income (dividends, interest, rent) & capital gains and housing services for reinvestment.”
“Gold/Silver don’t provide income but give capital gains, utility (jewelry) and used in industry. BTC doesn’t give income, has no other utility services (such as unit of account or means of payments) and provides only capital gains (or losses) based purely on speculative motives.”
“So bitcoin has no intrinsic fundamental value, use or utility or any other service. So it is a pure speculative manipulated “asset” & bubble with no fundamental value. It is not even an hedge against risk off episodes: every time stocks go down, bitcoin falls much more.”
“Example: look at March 2020 when US stocks fell 35% while Bitcoin fell over 50%. Thus it has no role institutional investors or retail portfolios. It would be highly irresponsible for any institutional/retail investor to speculate in a totally manipulated “asset” like BTC”.
“Investing in BTC is equivalent to take your portfolio to a rigged illegal casino and gamble; at least in legit Las Vegas casinos odds aren’t stacked against you as those gambling markets aren’t manipulated the way BTC is. Instead BTC is manipulated heavily by Tether & Whales.”
“Pump and dump, spoofing, wash trading, front-running are standard operating procedures in crypto exchanges where BTC traded. Liquidity of these exchanges is fake as volume data are 90% degree. Unbacked Tether supply perfectly tracks this year like in past BTC price.”
“Retail suckers with massive FOMO have been jumping again into BTC as they did in late 2017 when price went from 10k to 19k only to crash down to 3k in 2009. Only winners were the manipulative whales that dumped their BTC to the retails suckers and led to tis 85% price fall.”
In the conclusive tweet of the 12-part thread dated on the 26th of November, 2020, Professor Nouriel stated the inequality coefficient of BTC worse than North Korea where Kim owns most of the assets. 2% of Whales control 98% of BTC.
He advised then that people should not be a ‘headless Turkey fool/sucker being duped by manipulative whales, crooks, scammers, and carnival barkers, front-running criminal exchanges that just want to steal your savings/wealth.’
Stay away from the cesspool of 1000s of worthless shitcoins, he concluded.
What do you think?
Do you all agree with Professor Nouriel Roubini or not?
Let’s know your perspective in the comments section.
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