Roubini Claims BTC is a Sh**coin Despite Price Gains

Despite there being a lot of people out there that love Bitcoin and the potential it holds for the future offinances, there are also a lot of haters of the leading cryptocurrency. One of those haters is the New York Economics Professor, Nouriel Roubini, who has made it abundantly clear that he doesn’t like Bitcoin nor does he care about the price.

Roubini spoke at the recent SALT Conference in Las Vegas, Nevage where he described Bitcoin a “sh*coin”, which is a popular term within the crypto space as a pejorative descriptor of cryptocurrencies with questionable economic merits.

The Professor said:

“There are 500,000 items on Google if you search ‘s**tcoins. It’s a technical term.”

Also known as Dr. Doom, Roubini has a history of saying negative things when it comes to cryptocurrency. Speaking on the technology behind Bitcoin - blockchain - last year, he said it was “nothing but a glorified spreadsheet”.

A lot of anti-Bitcoin people like Roubini, seem to repeat themselves when it comes to slating cryptocurrency. The Wall Street Billionaire Warren Buffett once referred to Bitcoin as ‘rat poison’.

Sentiments aside, it isn’t actually true when people claim Bitcoin to be only useful for criminal activities. In a lot of third-world countries, cryptocurrency is helping people survive through the economic turmoil, Venezuela being a good example of that.

As reported by BTC Manager:

“On the subject of virtual currencies encouraging criminality, all the evidence suggests such fears are overstated. Cryptocurrencies constitute in many countries, a minute percentage of money laundering and other financial crimes.”

Novogratz

Despite the bears digging into Bitcoin, there are a lot of bulls in the space too.

CEO of Galaxy Digital, Mike Novogratz is just one of these bulls who thinks that by the end of 2020, the BTC price will have reached its all-time high of $20,000.

In terms of price, Bitcoin has been performing well the past few weeks and a few days ago, the price finally surpassed $6k despite the breach on Binance. At the time of writing, Bitcoin is worth $6,350 following a 4.13 percent increase over the past 24 hours.