Bitcoin biggest bubble in history

in #bitcoin7 years ago

The economist credited with predicting the 2008 global financial crisis said a 12% fall in the value of bitcoin on Friday was the latest proof that the cryptocurrency was the biggest bubble in history and destined for a crash.

Nouriel Roubini, professor of economics at New York University, said bitcoin was “the mother of all bubbles” favoured by “charlatans and swindlers” as it fell below $8,000 (£5,600) early on Friday, marking a 30% drop since the beginning of the week as investors became increasingly twitchy about a clampdown on cryptocurrencies by regulators. Later it rallied, climbing back over $8,600 by 3pm (GMT).

Bitcoin has lost more than half its value since hitting a peak of near $20,000 in the week before Christmas. Dubbed “Dr Doom”, Roubini said the sharp fall was the beginning of a crash that would see the value of the digital currency plummet “all the way down to zero”

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Hi Vijay, thanks for your post. Look who knows only time will really tell, all I know is that as I temper this I am a bit glum :(, not because the value of BTC has gone down but because, earlier this week I used up my allocated allowance of FIAT. Now yes I could move some more cash over to an onramp and get me a bargain.......but that would be breaking one of "my investing rules" and I firmly believe that everyone who is investing, particularly in a space was volatile as crypto, should have a plan mapped out that incorporates their own set of rules. However, if the price drops even further and the magic date of the month has ticked by......then off shopping I go. I do see that there is a possibility that BTC could indeed go to zero, though not necessarily because it is a bubble that is going to pop. It is conceivable that it will be superseded by a protocol that does the job that was designed for ......but better, however I doubt this as BTC is a grandfather and we all love our poppas! Anyway thanks again for the piece, Cheers J

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