Vocal crypto-hater Nouriel Roubini, aka Dr Doom, an economics professor at New York University, has once again insulted millions of Bitcoiners. In an interview with the CFA Institute, he trashed cryptocurrencies as worthless (quelle surprise) and its proponents as “ zealots and fanatics”.
“They want to reinvent everything about money, but most of them are absolutely totally clueless. The ratio between arrogant and ignorant is astounding,” he said. “I have never seen such a gap in my life. These are fanatics. Some of them, like criminals, zealots, scammers, carnival barkers, insiders who are just talking their book 24/7”.
Roubini holds that bitcoin is “the mother and the father of all bubbles” and it is bursting. And if you believe in Bitcoin, you’re a “hopeless sucker” a disparaging slur he delivers regularly.
“The whole crypto space is one of assets that are not really money. They’re not really a currency. They’re not a scalable means of payment. They’re not as stable in terms of store of value.”
He’s Not Engaging, He’s Sermonizing
He says that he engages with crypto enthusiasts on twitter, however, it’s not engagement he’s after, he’s preaching from a pulpit and will not tolerate dissent. Blocking people must be a pleasant little diversion of his.
Roubini talks at length about Bitcoin, despite the fact that he sees it as some pernicious entity. Talking about it keeps him in the public eye and if there’s one thing Roubini loves, it is attention.
He’s been denigrating Bitcoin for years, and likes to crow when he gets it right. In 2013, he pompously tweeted that while everyone was focussed on gold and silver “Bitcoin dropped another 40%, traded below $58”.
However, when questioned about his attitude, he throws a mighty tantrum. In October last year, he tweeted that crypto twitter is “a cesspool of bots, trolls, shills, scammers, crypto zealots and lunatics. Barking dogs that attack me after losing 90% in last year. None read my paper & none have any substantial critique. This motley crew is a bunch of pathetic lunatics & HODLing losers”.
That is not “engagement” with the crypto community by any stretch of the imagination.
Samantha Chang from CCN is spot on with her laconic take on the man. “Because the stock market and the economy are cyclical, Nouriel Roubini has sometimes been correct when he claimed a crash was around the corner. After all, even a broken clock is right twice a day”.
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