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Crypto Land Is Scam, - Says Nouriel Roubini

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Sun, 02/09/2020 - 15:39
Alex Dovbnya
Prominent economist Nouriel Roubini goes on a Twitter rampage, calling the entire "crypto land" a scam while the Bitcoin (BTC) price crosses the $10,000 mark
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Nobel laureate and notorious Bitcoin hater Nouriel Roubini didn't join crypto Twitter to celebrate the BTC price finally crossing the $10,000 mark. Instead, he called the entire crypto land "a scam" when the top cryptocurrency was redying to make a new all-time high.     

PlusToken calls the tune 

Roubini commented on an article about the PlusToken sham published by The Wall Street Journal. Its operators stole more than $4 bln from its unfortunate investors. However, the prominent economist is certain that crypto scams extend far beyond this massive Ponzi scheme and could amount to $40 bln in losses. 

As reported by U.Today, blockchain sleuth Chainalysis concluded that PlusToken might have been responsible for the 50 percent Bitcoin (BTC) correction that took place in the second half of 2019. 

Roubini was still wrong 

Despite PlusToken causing a spike in selling pressure, Bitcoin bears fell short of reaching Roubini's price target. Back in May 2019, Galaxy Digital CEO Mike Novogratz challenged Dr. Doom to make a bet that Bitcoin would be trading above $6,000 on Christmas Day

Bitcoin bottomed out at $6,471 on Dec. 18, and Novogratz turned out to be right. However, do not expect Roubini to wear an "I love Bitcoin" T-Shirt since he never accepted the bet in public. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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