Dr. doomsday Rubini: investing in bitcoin is like gambling in a casino

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 Dr. doomsday Rubini: investing in bitcoin is like gambling in a casino


A large number of retail investors with fomo (fear of loss) re entered the bitcoin market, as they did at the end of 2017, when bitcoin rose from $10000 to $19000, but fell to $3000 in 2019, with the only winners being market manipulators who sold their bitcoin to retail investors, causing bitcoin prices to plummet by 85%, he continued express.

Roubini believes that bitcoin has no intrinsic value compared with income generating assets such as stocks, bonds and real estate. He also pointed out that cryptocurrency exchanges are also full of suspicious transactions, such as pushing up shipments and conducting false transactions.

Its not an inflation hedge

While some are touting bitcoins potential as a safe haven, Roubini says its not a hedge against inflation, because every time the stock market falls, digital assets fall much more.

He equates investing in bitcoin with gambling in a controlled casino. At least in the legal Las Vegas casinos, chances wont work against you, because the gambling market is not being manipulated like bitcoin, he tweeted, calling on people to stay away from this worthless asset.

Investors have different opinions

Although skeptics scoff, there are still plenty of people who are optimistic about encryption technology.

Heavyweight investors, such as hedge fund managers and billionaires Paul Tudor Jones and Stanley Druckenmiller, all supported bitcoin, while PayPal, the global payment giant, announced last month that it would start accepting cryptocurrencies. Brian Estes, chief investment officer of off the chain capital, said it was not a dream for bitcoin to rise from $18000 to $100000 in a year. Ive seen bitcoin rise 10, 20 and 30 times in a year. So its no big deal to increase it five times. Tom Fitzpatrick, a technical analyst at Citigroup, said in a recent report that bitcoin could rise to $318000 by the end of next year, due to limited supply and convenient cross-border flow. Source: Science and technology innovation board daily editor: Yang Bin_ NF4368

Heavyweight investors, such as hedge fund managers and billionaires Paul Tudor Jones and Stanley Druckenmiller, all supported bitcoin, while PayPal, the global payment giant, announced last month that it would start accepting cryptocurrencies.

Brian Estes, chief investment officer of off the chain capital, said it was not a dream for bitcoin to rise from $18000 to $100000 in a year. Ive seen bitcoin rise 10, 20 and 30 times in a year. So its no big deal to increase it five times.