Crypto-Carnage: Roubini Chips in on BTC Crash

Crypto-Carnage: Roubini Chips in on BTC Crash

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  • Nouriel Roubini, the well-known BTC naysayer piled on the fear, uncertainty and the doubt to crypto enthusiasts earlier this week.
  • As the bitcoin price continues its plummet into what could potentially be another crypto winter...

Nouriel Roubini, the well-known BTC naysayer piled on the fear, uncertainty and the doubt to crypto enthusiasts earlier this week. As the bitcoin price continues its plummet into what could potentially be another crypto winter, the Turkish/American economist indicated that cryptos end is getting closer by the minute.

Dubbed “Dr. Doom” for predicting the 2007 bubble crash, the economist has given his fair share of warnings against bitcoin, calling the crypto “overhyped” and even went as far as calling the industry surrounding it, a “cesspool.”

Earlier this year, Roubini said bitcoin is a “right-wing nightmare,” stating:

“The Bitcoin Scam: Despite the utopian claims of its proponents, Bitcoin is a right-wing nightmare which facilitates tax evasion, money laundering and environmental degradation.”

China

At the start of this week, and after two intense price drops in less than a week, Bitcoin fell to its six-month low just above $6500 according to CoinMarketCap.

Many have claimed the most recent activity on the strict guidelines on blockchain from China was what caused the crash. The People's Bank (PBoC) announced it would be coming down hard on crypto trading earlier this month, so it’s not a far cry to suggest so.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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