Nouriel Roubini
Resolved (2)
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Op-ed 'The Coming Crypto Apocalypse': Roubini argues crypto's latest plunge underscores the highly volatile nature of this 'pseudo-asset class' and that the industry is on the verge of a full-blown apocalypse, with structural (not political) problems that deregulation cannot fix; the future will be 'gradual evolution, not the revolution that crypto-grifters promised.'
“Bitcoin and other cryptocurrencies' latest plunge further underscores the highly volatile nature of this pseudo-asset class; one only hopes that policymakers will wake up to the risks before it's too late.”
Predicted a full-blown crypto apocalypse; BTC declined from $75,661 to $58,161 (a real drop) but no apocalypse occurred and the asset class persisted.
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Bitcoin price is now below 30K. A critical level - meaning the majority of retail suckers, who entered into the market after March 2021, are in the red. Fundamentally it should go much lower. Only issue: will Tether pump and pump & dump schemes now prop it up as in past episodes?
“Bitcoin price is now below 30K. A critical level – meaning the majority of retail suckers, who entered into the market after March 2021, are in the red. Fundamentally it should go much lower.”
Called for BTC to 'go much lower' from $29,796 in July 2021; instead it rallied to a high of $126,296.