With an alias like Dr. Doom, Nouriel Roubini has been at the forefront of pointing out doom and gloom around the cryptocurrency industry since it started making waves in the mainstream. The economist who called the 2008 financial crisis has now taken glee in what he calls ‘Crypto-Carnage’ after Bitcoin shed some recent gains.
Roubini has become well known in the cryptocurrency space for his negativity and naysaying surrounding Bitcoin and other digital assets. However, his arguments are often one-eyed and lack full discussion or discourse.
His recent tweets, which have followed from the substantial price drop in Bitcoin following China’s crackdown, again looks to show only one side of the coin. He has cherry-picked a few statistics as well as leaned back on the old argument that cryptocurrencies are environmentally dangerous.
Bitcoin and Crypto Carnage
Roubini began his tirade against Bitcoin on Tuesday with a tweet that started with typical inflammatory language.
Crypto-Carnage: BTC down 65% from peak; other top 10 crypto-currencies down 80% from peak. 1000s of other shitcoins down 95% to 99% from peak. Total crypto-apocalypse!
— Nouriel Roubini (@Nouriel) November 26, 2019
Bitcoin’s peak was its rise to $20,000 in December of 2017 as the cryptocurrency rose astronomically through only a few weeks. However, that massive price spike gives Roubini the option to decide when he will base his statistics from.
While Bitcoin is down 65 percent from its $20,000 peak, it is still seeing positive gains year to date. Bitcoin began the year at $3,700, and even after the recent fall in price is sitting at over $7,000, which equates to 100 percent gains this year.
This fact was not lost on Twitter users who responded to his bold comments.
Funny how you always mention “since peak” but never year on year?
— Crypto Godfather 教父 (@CryptoGodfatha) November 26, 2019
You have a vendetta against bitcoin. Gold is down…