Crypto Skeptic Nouriel Roubini Continues Ranting

man shouting down megaphone

It’s no secret that economist Nouriel Roubini isn’t a fan of the cryptocurrency space. However, instead of toning down his rhetoric; he appears to be ramping it up. Roubini previously stood by some ridiculous claims in a Senate hearing last month, claiming that “only criminals and terrorists use bitcoin”, and that bitcoin wasn’t even really decentralized.

Since Bitcoin’s price action has been quite bearish; it appears as though Roubini has doubled down on his claims, as he clearly views the price action as confirming his overall belief that Bitcoin will collapse.

Roubini had taken a bit of break from railing against the cryptocurrency markets to tweet and retweet about other topics, such as politics, global trade, and gun control. For example, he retweeted a tweet from Washington Post columnist Max Boot celebrating U.S. Representative Eric Swalwell taking a stance on an assault gun ban.

He also warned about the role that real estate (abbreviated RE in the tweet) will play in the next crisis, which is significant because he gained global fame as predicting the 2008 global economic crisis, when he earned the nickname “Dr. Doom”. He also agreed with an article that seemed to point out that China is actually winning the trade war with the United States.

Many of his tweets also involve him stating his thoughts about the markets while also advertising an article that he wrote for Project Syndicate. He ironically rails against fiat currency while essentially claiming that central banks could replace cryptocurrencies, stating that they are more secure and scalable. The piece is aptly titled “Why Central Bank Digital Currencies Will Destroy Cryptocurrencies”.

It’s important to note that Roubini has been paid millions to consult with banks, so he certainly has a vested interest in central banks succeeding. Respected financial analyst John Bollinger tweeted last month that he was stunned at why Roubini has acting this way:

In response, a Twitter user pointed out that he might specifically be wording his language so that his tweets and rants get more attention. This certainly would explain the controversy and venom involved with Roubini’s Twitter account.

One would certainly expect Roubini to tweet about Bitcoin’s price decline, although it could be argued that he is taking it farther than ever. For example, a tweet has gone viral from @rampcapitalLLC that has pointed out that Bitcoin is losing key support levels. There is obviously some humor incorporated considering the last several numbers are “666” – considered a reference to the devil, “420” – a reference to marijuana, “69” – a sexual reference, and then “0”.

Roubini decided to quote the tweet to drive the point home, actually claiming that Bitcoin’s real intrinsic value is below zero because of the effects that it has on the environment. Considering the humorous nature of the tweet, the response seemed to be excessive:

Roubini even went out of his way to insult cryptocurrency HODLers as zealots, which is standard for the economist, but even insulting those who are attempting to comfort the community. Andreas Antonopolous, host of the Let’s Talk Bitcoin podcast and an extremely popular cryptocurrency account with over 400,000 followers, suggested that the cryptocurrency community practice “compassion, kindness, and respect”, pointing out that “lots of people have lots of money recently”.

Roubini wasted no time in responding, claiming that he was spewing “bullsh*t” and calling him a hypocrite:

Ultimately, Roubini stated several hours ago that with the overall price decline in the cryptocurrency markets that “I feel vindicated”. He elaborated that he would “take a break for a few days from this toxic Crypto Twitter”, although there is no reason to believe that he will necessarily stop. He continued to retweet his column for Project Syndicate after the tweet.

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