Nouriel Rubini, a bitcoin cynic of the highest order has doubled
Nouriel Rubini, a bitcoin cynic of the highest order has doubled down on his bubble quip amid the bearish trends in the current crypto trade market. during his recent speech, the Stern school professor also known as Dr.Doom by many has reinforced his criticism for the cryptocurrencies.
While explaining his views on why he thinks that the crypto space is a bubble, Roubini said, “while crypto space is one of [those] asset [classes] that are not really money.” While expressing his viewpoints, Roubini bashed the complete crypto ecosystem saying they are neither a proper medium of exchange or proper store of value.
Roubini went on to claim that crypto enthusiast mostly doesn’t understand the basic difference between a stock or a bond, or the basics of credit and interest rates. He said that the prices of Bitcoin fell from $20,000 to $2,000, trying to imply that cryptocurrencies are the mother and father of all bubbles.
He believes investment in crypto is more like gambling, with high risks involved, the pay-off might be high as the 2017 price rise, but mostly it would not pay-off for the most part.
Why Roubini is Living in a Bubble of His Own
Roubini even though an economist by profession seems to analyze or point out one aspect of the cryptocurrencies while totally neglecting the other side that is its acceptance. It’s true that when an entity shows such a volatile nature, there is evidently something concerning about it, however, the current bearish market has actually cut down the volatility factor by quite some extent.
Most of the traditional financial institutions who shared quite a similar point of view as Roubini has come around to join the crypto race, and many others are planning to foray really soon.
The current market has actually led many traditional investors to believe that Bitcoin is shedding its bubble-like behavior with much more stability in its prices. apart from that, the use of Bitcoin as a medium of exchange is on an exponential rise, and not only online vendors but even the most traditional sectors like real-estate are looking towards crypto as the mode of payment.
Final Thoughts
Trade market fluctuations are for sure a reason for concern, but as the acceptance level of crypto rises which is indeed rising, the price volatile will go down even further. The criticism that the crypto space faces from a selected few like Roubini is also a part of evolving technology.
Take Tesla, for example, the electric motor car producer was also loathed in the beginning, calling it a gimmick which is destined to fail. Even today you might have heard several bad presses around the Tesla cars, however, what not many media houses would tell you is, Tesla has outperformed most of the established brands in its range by a hefty margin. An electric sedan has sold more vehicles than the Audi, BMW and other leads in the category.
So, if you are aware of the latest development in the crypto space you must know that Bitcoin is not just a great medium of exchange, but even a better store of value, with the next bull run around the corner.