January 28, 2021

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Nouriel Roubini: Bitcoin is a highly volatile store of value

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Nouriel Roubini Bitcoin

Yesterday the well-known critic of Bitcoin, Nouriel Roubini, tweeted once again his opinion about the main cryptocurrency. 

“Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of Bitfinex by US law enforcement”.

Perhaps the most curious thing about this tweet is that, as a sceptic, he has actually admitted that BTC is a store of value

In fact, that its value is very volatile has been more than evident for many years now, but that it should be considered as a store of value is probably the first time that Roubini admits it. 

During 2020, for example, its value has increased by 141% to date, while gold, for example, has increased by 19%, and Nasdaq by 40%. 

Roubini then insists with accusations of market manipulation by Bitfinex, although these have never been proven, and goes so far as to call the BitMEX team a “criminal gang”. 

Nouriel Roubini’s lies about Bitcoin 

In addition, he also claims obvious untruths, such as the fact that Bitcoin could not be used to pay taxes, despite the fact that in some parts of the world it is already possible, or the fact that it is not scalable, while with Lightning Network it is. 

His seems almost like a derogatory tweet made to counter the success of a financial asset he hates. Among other things, he seems to be poorly informed about the continuous and remarkable technical and financial evolutions of this asset.

“So today as BTC got close to its ATH the price collapsed by 13% as the same scam of retail suckers with FOMO being duped by manipulative whales occurred. Inequality coefficient of BTC worse than North Korea where Kim owns most of the assets. 2% of whales control 98% of BTC”.

In particular, the latter figure appears to be completely wrong, since an analysis of Bitcoin’s blockchain can easily disprove it: 98% of BTC are owned by 9.5% of addresses and not 2%

 

The post Nouriel Roubini: Bitcoin is a highly volatile store of value appeared first on The Cryptonomist.

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