Nouriel Roubini: ETH and XRP Set to Drop Significantly
Famous crypto naysayer economist Nouriel Roubini, who famously predicted the 2008 Economic Crisis before, has said Bitcoin is going to continue with us in the long term but cryptocurrencies like ETH and XRP going bust.
Roubini recently made himself a name after a debate with Ethereum co-founder Vitalik Buterin said he wasn’t against cryptos but lots of them are going to disappear. He said:
““I’m not against [it], I’m open to any type of innovation, but I’m an expert on financial crises and asset bubbles. And I became famous [by] predicting the global financial crisis — the burst of that bubble.”
He also added:
“If you bought it at the peak, you lost 70 percent of your value. And it’s typical of all these financial bubbles: They go up until they collapse. And Bitcoin is actually the best [example], because the average cryptocurrency has lost, in the last nine months, more than 90 percent of their value.”
Roubini also added he proven right when Bitcoin price crashes by 70 percent. Roubini also answered the claims he is doing that because he opened a short position. He said even if Bitcoin goes to zero, he is not going to take any money because he has never invested in Bitcoin. He said he is only speaking what in his mind.
Roubini also labeled Ethereum, the second most valuable cryptocurrencies by market cap a ‘scam’. He added lots of ICO’s are also scam as they have no value and they are not solving any problems. He might be right about this statements though.
“Bitcoin is not going to disappear. But, you know, Ethereum is a bubble and it’s a bit of a scam — it’s worth nothing — XRP, all the other ones, they’re all going bust.”
Roubini criticized the Ethereum smart contracts as he said none of the attributes are ‘smart’ enough to solve problems.