Noruiel Roubini Dr.Doom finally admitted that Bitcoin has a partial store of value as we can see in our latest Bitcoin news today.
The New York University professor who is mostly known for predicting the 2008 Great Recession, commented against the crypto market many times due to its connections with online crime and scams. Roubini has branded blockchain as vaporware despite many of his colleagues and analysts on Wall Street calling blockchain revolutionary. He made the fight on crypto personal as he debated the BitMEX co-founder and ex-CEO Arthur Hayes in Taiwan and launched many insults to both him and his platform. During that talk, Roubini Dr. Doom called Bitcoin the “mother of all scams.”
Recently, however, it seems that he has slightly changed his mind. He still thinks that Bitcoin is not viable and never will be but admitted that it could have some store of value properties. Whether it was a Freudian slip or not, Roubini admitted that he thinks BTC has a “partial store of value” quality. This comes after he has been crusading against BTC for years and even denied its ability to store value and to act as a means of payment as he wrote back in 2019:
“Bitcoin down 14% in last day to below 9.5K! Ouch! It must hurt to get so rekt so fast! Calling bitcoin a currency – let alone 1000s of other shitcoins – is a joke: they are not a unit of account, they are not a means of payments (5tps) and no stable store of value (-14% in a day).”
The reason why he changed his mind is unclear but he did say that he sees some value in the “algorithm” that keeps the BTC supply on track to hit 21 million coins. Roubini referred to the halving which takes place four years to halve the reward which the miners receive. Roubini also added that compared to his “shitcoins” Bitcoin’s ability to store value is much more superior. He believes that other crypto assets are being debased faster than the FED is inflating the value of the US Dollar.
1. Who will be the first critic to say “I was wrong about #Bitcoin”?
How many decades must the Bitcoin network persist before the staunchest of Bitcoin haters like Krugman or Roubini swallow their pride and admit that it was all a big misunderstanding?
— Miguel Cuneta (@MiguelCuneta) November 5, 2020
This was far from an endorsement of BTC but it is a change in tune from one of Bitcoin’s loudest critics. Bitcoin investor Miguel Cuneta asked his followers which of Bitcoin’s critics will change their tune next. We have already seen some prominent economists change their mind. Michael Saylor, the CEO of Microstrategy was actually a BTC bull seven years ago:
#Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.
— Michael Saylor (@michael_saylor) December 19, 2013
“Bitcoin days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.”
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