TL:DR Breakdown:
- Nouriel Roubini argued in the tweet that Bitcoin is the most manipulated asset ever, following the recent price decline.
- He noted that the whole rise and fall trends of Bitcoin are scams, as whales dump their large holdings on the retails.
- Again, he raised the common critic point that Bitcoin has zero intrinsic value.
Nouriel Roubini, the American economist, popularly known as Dr. Doom for his prediction about the economic collapse in 2018, recently blasted Bitcoin (BTC) as a highly manipulated asset. In a series of tweets, the economist compared the recent rise and decline in the cryptocurrency’s price to the previous drop that left retail investors scratching their heads after buying Bitcoin at the high price.
Once again, he argued that the crypto doesn’t have any (“ZERO”) fundamental intrinsic value.
Nouriel Roubini says whales manipulate Bitcoin
Just as the leading cryptocurrency suffered about a 13 percent decline from the recent highs, the US economist argued in a series of tweets that Bitcoin rallied due to FOMO hovering around the retail investors. The manipulative whales investors took advantage of the market by dumping large amounts of coins on the retails, which resulted in the massive decline in Bitcoin price, according to Nouriel Roubini.
In his words, this rise and fall of Bitcoin price is “the same scam of retail suckers with FOMO being duped by manipulative whales.”
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 2019. Only winners were the manipulative whales that dumped their BTC to the retail suckers & led to its 85% price fall. 10/n
— Nouriel Roubini (@Nouriel) November 26, 2020
No intrinsic value for BTC
According to Nouriel Roubini, Bitcoin doesn’t have any fundamental intrinsic value. It can’t be used to pay taxation, neither is it a legal tender. He further argued that the volatility of the cryptocurrency makes it risky for merchants to use, as Bitcoin price might decrease even before its conversion to currency. Bitcoin is not a “scalable means of payments. It’s toxic for the environment as POS hogs enormous amounts of energy & pollutes the earth.”
