Nouriel Roubini on Crypto Market: "Bloodbath Has Only Started"

Prominent economist Nouriel Roubini opined that the cryptocurrency "bloodbath" had only just begun earlier this Thursday.

Roubini is convinced that most cryptocurrency companies are now on their way to extinction after a series of high-profile bankruptcy filings.

Last week, a New York University professor said that Binance, the largest cryptocurrency exchange by reported trading volumes, was "much worse" than the disgraced FTX. His assumption is partially based on the fact that Binance is yet to reveal the location of its headquarters. Roubini is also extremely bearish on BNB, Binance's native token, calling it "scammy vaporware."

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His most recent warning comes after BlackRock CEO Larry Fink predicted that most cryptocurrencies would fail during a Wednesday appearance at the New York Times DealBook Summit.

"Dr. Doom," who predicted the global financial crisis, described Fink's words as an "understatement," offering a much gloomier view.

In a separate tweet posted on Nov. 30, Roubini argued that 97% of initial coin offerings were scams that went bust, adding that corrupt spending is "standard" among all cryptocurrency projects that are run by "gangsters." Prior to that, Roubini also called crypto "the biggest criminal heist in human history."

Roubini has been one of the main crypto naysayers for years. In 2020, he called the entire crypto industry "a scam." Feeling vindicated after the recent FTX-induced crash, Roubini has ramped up his anti-crypto rhetoric in recent weeks.