Roubini believes that Bitcoin is the mother of all scams and makes fun of NFTs. The economist even recommends accusing Nayib Bukele of ruining El Salvador by adopting BTC as legal tender.
Nouriel Roubini is an economics professor at New York University Stern School of Business and CEO of Roubini Macro Associates. He recently stated Bitcoin was the mother of all scams and made fun of NFTs by saying cow dung would become one of them.
The economist was born in Istanbul, Turkey, in 1958 and has gained notoriety for his accurate predictions. He focuses on the international recession triggered by the mortgage crisis, also known as subprime, which earned him the nickname Dr. Doom.
His constant pessimistic behavior and thoughts on economic issues make that nickname fit him perfectly.
Roubini Considers that Bitcoin Is the Mother of All Scams
The Turkish executive, who does not support the crypto world, has shared his thoughts on Twitter. In 2018, he called the leading crypto asset the mother of all scams. Two years later, he referred to cryptocurrencies as a misnomer, as they must have a unit of account to be currencies.
He recently expressed that Bitcoin is around USD 36,000, nearly 50% lower than its November price. He recalled that some analysts predicted that it would now be at USD 100,000, USD 200,000, and USD 400,000. In addition, he said that it must be painful for the retailers who bought it when it was trading at USD 69,000.
Roubini also commented that Bitcoin is not a hedge against inflation nor a correction of risk assets.
The Economist Believes that NFT is the Mother of All Tulips
The Bitcoin network has existed since 2009, but its comparison to the tulip bubble continues. Referring to the cryptocurrency, British economist Gabriel Makhlouf stated that people put money in tulips three hundred years ago. The British economist and member of the Council of the European Central Bank highlighted that they thought it was an investment.
Nouriel Roubini makes fun of non-fungible tokens (NFTs) by saying they are the mother of all tulips and will crash similarly. Besides, he remarked that creators put every piece of junk video or pseudo-art on NFTs. He even considers that good art like the work of Piero Manzoni and cow dung will become NFT.
Nouriel Roubini Thinks Nayib Bukele Is a Criminal President
The economist recently said that Nayib Bukele should go to court for bankrupting El Salvador with his Bitcoin law.
On Twitter, Roubini stated El Salvador did a disastrous experiment by adopting Bitcoin as legal tender.
He believes that those who had Bitcoin lost 50%, the spread is through the roof, and the State is on the verge of bankruptcy. He even recommends impeaching Nayib Bukele for ruining the Central American country.
Pessimistic analysts like Roubini lash out at Bitcoin and NFTs, while others consider this is a good time to invest and become rich. For example, Robert Kiyosaki and Wily Woo recently said that its fall by 50% below its all-time high is a bargain.
Of course, both experts agree that Bitcoin is an excellent long-term investment, so they advise buying the dip. They predict that the price might soon resume its bullish trend.
By Alexander Salazar
