- NYU Economist Nouriel Roubini is hyped over the massive bitcoin price drop since October.
- Altcoin prices are down too. Theories abound as to the causes of what could be the next crypto winter.
- The crypto industry’s leaders see opportunity in the bitcoin bear market.
Nouriel Roubini piled on the FUD Tuesday morning. As bitcoin’s price continues its plunge into what could be another crypto winter, the NYU economist suggested it’s the end of crypto entirely:
The tweet is classic Roubini. Dubbed “Dr. Doom” for predicting the 2007 housing bubble crash, he’s also warned against bitcoin, calling the cryptocurrency “overhyped” and the industry surrounding it a “cesspool.”
But his overtly political criticisms of bitcoin may call into question the earnestness and objectivity of his technical assessments. This June Roubini hyped commentary calling bitcoin a “right-wing nightmare,” tweeting:
The Bitcoin Scam: Despite the utopian claims of its proponents, Bitcoin is a right-wing nightmare which facilitates tax evasion, money laundering and environmental degradation.
Bitcoin Price Drop a Mystery
The sudden bitcoin and altcoin selloff has left analysts scrambling for answers. One digital asset advisory found the bitcoin futures market is driving prices down. It’s not new shorts coming in (a very risky game to play with an asset that has appreciated so sharply in the past), but weak longs selling off that has put downward pressure on prices.
One economic historian and crypto analyst has some rebuttals for the theory that crypto whales are pushing prices down to get a big 2019 tax write off. But it does appear that the movement of 10,000 BTC (worth $80,670,856 USD at the time) to Binance on Nov. 7 triggered the liquidity glut. Bitcoin’s price began to fall hours after the move from an unknown wallet.
Crypto Industry Sees Opportunity
The last time Nouriel Roubini felt vindicated by the bitcoin price plummeting, and declared the…