The economist credited with predicting the 2008 global financial crisis said a 12% fall in the value of bitcoin on Friday was the latest proof that the cryptocurrency was the biggest bubble in history and destined for a crash.
Nouriel Roubini, professor of economics at New York University, said bitcoin was “the mother of all bubbles” favoured by “charlatans and swindlers” as it fell below $8,000 (£5,600) early on Friday, marking a 30% drop since the beginning of the week as investors became increasingly twitchy about a clampdown on cryptocurrencies by regulators. Later it rallied, climbing back over $8,600 by 3pm (GMT).
Bitcoin has lost more than half its value since hitting a peak of near $20,000 in the week before Christmas. Dubbed “Dr Doom”, Roubini said the sharp fall was the beginning of a crash that would see the value of the digital currency plummet “all the way down to zero”
Hi Vijay, thanks for your post. Look who knows only time will really tell, all I know is that as I temper this I am a bit glum :(, not because the value of BTC has gone down but because, earlier this week I used up my allocated allowance of FIAT. Now yes I could move some more cash over to an onramp and get me a bargain.......but that would be breaking one of "my investing rules" and I firmly believe that everyone who is investing, particularly in a space was volatile as crypto, should have a plan mapped out that incorporates their own set of rules. However, if the price drops even further and the magic date of the month has ticked by......then off shopping I go. I do see that there is a possibility that BTC could indeed go to zero, though not necessarily because it is a bubble that is going to pop. It is conceivable that it will be superseded by a protocol that does the job that was designed for ......but better, however I doubt this as BTC is a grandfather and we all love our poppas! Anyway thanks again for the piece, Cheers J
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