Famous American economist, who recently labeled bitcoin as the most massive bubble in history, has now said that the price of this crypto-coin is not merely plummeting but heading to zilch.
Lousy Outcome For ‘Big Daddy’?
Nouriel Roubini, or "Dr Doom," famed for his downbeat forecast in the economic realm, including the 2008 world crisis, on February 6, as bitcoin was still shaking in the slump, predicted BTC’s fall to zero.
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Bitcoin crashing now to $6,100. And the US Hearing on cryptoscams is only a day away. So a $5K handle looks highly likely unless the crypto-manipulation gangs starts pumping and dumping or wash trading again. So HODL nuts: be ready for a 75% loss from recent peaks.— Nouriel Roubini (@Nouriel) 6 February 2018
As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run...— Nouriel Roubini (@Nouriel) 6 February 2018
That day, in a series of tweets in his micro-blog, Roubini alluded to US Senate hearings, at which the chairmen of two top American market regulatory agencies had to give testimonies regarding potential crypto control. The hearing, by the way, took place on Tuesday’s evening.
When tweeting, on top of that, Roubini used the slang ‘hodl’ which is a wrong-spelled version of ‘hold’ and stands for “hold on for dear life.” At this point, he added that BTC was thawing to zilch.
“HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run...” said “Dr Doom.”
Additionally, Roubini claimed that dealers would employ “wash trading” to support crypto prices. In the industry of cyber assets, this term means that somebody purchases and vends their order to play around markets.
As Bitcoin crashes to a $5K handle the wash traders move rapidly into action to prop it up...price and quantity action now clearly consistent with criminal wash trades...will the SEC and CFTC start looking into these criminal activities?— Nouriel Roubini (@Nouriel) 6 February 2018
There have already been raised concerns that such practices occur on virtual trading platforms. For example, the most recent case regards the exchange Bitfinex, which was subpoenaed by US regulators last year December.
Remarkably, this set of “Dr Doom’s” statements came out after last week he labeled BTC as the most burdensome bubble in the world of humans throughout all times.
It is also crucial to emphasize that Roubini published his tweets a few hours before bitcoin plunged below $6,000, losing 65% of its value since the start of 2018. The same day, the total market cap saw the lows, which it had not experienced since mid-November.
However, on February 7 things started changing, as bitcoin and the whole crypto market showed positive 25% growth.