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Nouriel ‘Dr Doom’ Roubini on Bitcoin Investors: “They prefer to believe in miracles.”

Nouriel ‘Dr Doom’ Roubini on Bitcoin Investors: “They prefer to believe in miracles.”
  • New data on the cryptocurrency charts are indicating that conditions for BTC/USD are looking slightly more promising with the pair training at just over $8600.
  • Compared the start of last week, bitcoin was still down by more than 11%, so this week is looking slightly more bullish.

New data on the cryptocurrency charts are indicating that conditions for BTC are looking slightly more promising with it trading at just over $8600.

Compared the start of last week, bitcoin was still down by more than 11%, so this week is looking slightly more bullish.

The significant impact of the coronavirus on the rest of the world has seen traditional markets, as well as the crypto industry, take hits. In fact last week, the Dow Jones saw its biggest daily drop in history as gold saw a significant loss on the day - more than any other in seven years.

The well-known bitcoin hater and economist, Nouriel Roubini has been extremely negative on the stance of bitcoin and has expressed major concern on the matter.

Speaking with the German news outlet Der Spiegel, Roubini said that the outbreak of the coronavirus was “much more severe for China and the rest of the world than investors have expected.” He further went on to say:

“Everyone believes it’s going to be a V-shaped recession, but people don’t know what they are talking about… they prefer to believe in miracles.”

Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!

One analyst feared that bitcoin will see many people change their tune on its prospects however, the leading cryptocurrency was able to escape the lower weekly close. Speaking to subscribers on telegram, he said:

“If we close the week below the 20 wma then I need to reassess btc. 8500+ required.”.

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

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