Black Swan promoter predicts doom for Bitcoin

Black Swan promoter predicts doom for Bitcoin

Published at: 2018-02-07 10:59 | Author: CIJ Journal
Nouriel Roubini, the economist who's become famous for predicting once-in-a-generation disasters (Black Swans) a couple times per year, now says that the value of Bitcoin will fall to zero. He then joins the cult of the Deep State Conspiracy Theorists by claiming that the only thing that could halt the demise of Bitcoin is "Wash Trading". This is the alleged practice of traders secretly buying and selling their own Bitcoin in an attempt to prop up the price artificially. Not a fan of understatement (since it doesn't promote retweets), Roubini called the Bitcoin collapse as the "biggest bubble in human history."

To be fair to Roubini, the price of Bitcoin has fallen off the cliff, diving below $6,000 after a high of more than $20,000. As of yesterday, the value has dropped 49 percent since the beginning of the year, with currencies like Ripple and Stellar also coming under intense pressure as well. Investors have been spooked by increasing talk of regulation of cryptocurrencies, with China and India warning of tough measures to limit their use. Agustin Carstens, the director of the Bank of International Settlements called Bitcoin a “combination of a bubble, a Ponzi scheme, and an environmental disaster.”

Similar Stories:

Lavena invests $2.9m to expand Bulgarian production unit
Lavena is investing $2.9m in its plant in Shumen, northeastern Bulgaria. This lavender oil  »
Valeo CZ to develop high-tech testing facility
Valeo Autoklimatizace will invest CZK 100m into the former Boží Dar – Milovice airport  »
Novares opening new facility in northern Serbia
Novares will open a new facility in Zrenjanin, northern Serbia, this month. The French com  »
Leoni building fourth factory in Serbia
Leoni broke ground on a new facility in Kraljevo, central Serbia. This is the company’s  »
How does Bucharest’s investment market compare to Prague’s? There’s little compari   »
How much are you lending on infrastructure projects in Slovakia? How does it compare to ot   »
Should we believe people in the market when they say they’re working on five to six deal   »
Going into 2016, most observers assumed Czech retail assets would be a major investment ta   »