Bitcoin News

Nouriel Roubini says Bitcoin parabolic rise has no fundamentals

TL;DR Breakdown:

  • Nouriel Roubini has again referred to Bitcoin as a bubble, amid the recent price surge.
  • He explained that the bigger the bubble grows, the harder it will burst.

The popular United States economist, Nouriel Roubini (Dr Doom), has blasted the largest cryptocurrency, Bitcoin (BTC), again. Roubini argued on Twitter earlier today, that it will only get worse with the cryptocurrency as it continues to skyrocket. He maintained that the leading crypto doesn’t have any fundamental backing, as such, the higher Bitcoin surges in price, the harder it will plummet.

Bitcoin made history on Wednesday, as the price crossed the $20,000 level. This bullish move alone spurred lots of attention, free BTC coverage across popular media companies, and also more buys for the cryptocurrency as addresses holding +1 BTC and +1K BTC reached new all-time highs. The cryptocurrency took things further, as the price crossed and set another ATH above $23,000. At press time, Bitcoin is trading at $22,926 on Coinmarketcap.

Nouriel Roubini says Bitcoin rise is FOMOed and manipulated

While commenting on the parabolic rise of Bitcoin within a few periods, Nouriel Roubini, maintained that Bitcoin is a “bubble,” saying that the more it rises, the harder the impact will be felt by FOMO driven retail/institutional, that’s if it actually falls. Roubini precisely wrote: 

“My 12-parts thread on Bitcoin/Shitcoins. I stand by my views: the higher the bubble, the harder it will fall once the criminal Tether manipulation is crashed & FOMO driven retail/institutional suckers get burned hard as in 2018. The parabolic rise in BTC has no fundamentals.”

It’s worth noting that the US economist has long maintained a critical stance against the crypto. Regardless, Bitcoin is up by more than 170 percent since this year. Note that, although many Bitcoiners are bullish that BTC will continue to rise from the current points, some do expect a correction soon, which won’t be as bad as a record in 2018.

This post was last modified on January 8, 2021 1:40 am

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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