Bitcoin is gaining acclaim with its hard core critic ‘Dr. Doom’ Nouriel Roubini. The anti-bitcoin advocate has recently acknowledged that Bitcoin may be a store of value. This he believes is true because he is able to see that the Central Banks are launching their own digital currencies.
It is very well known that Roubini has been long publically marring the reputation of the image of Bitcoin as a store of value.
Nouriel Roubini retweeted: “The rise of Bitcoin just proves there’s too much money chasing too few assets. Even imaginary ones. What the economy needs is funding for demand.”
Worthy to recollect that in the past Dr. Doom called Bitcoin as the “Mother of all Scams” and also stated that it is a “stinking cesspool” fundamentally worth nothing.
Recently Roubini seems to have changed his stance on the Bitcoin. He has stated that “BTC might may be a partial store of value because, unlike thousands of other what I call shit coins, it cannot be so easily debased because there is at least an algorithm that decides how much the supply of bitcoin raises over time.”
As hard as it is for Dr. Doom to acknowledge that bitcoin has value he tried to establish that BTC is not a unit of account as “Nothing is priced in bitcoin or any other cryptocurrency.”
Bitcoin – The Harder it Rises the Harder it falls
When talking about Bitcoin, Nouriel has to say that the harder they rise, the harder they fall. He points to how it is important for investors to remember 2018 vs. 2017: from near 20K to near 3K.
Anyone who is in to investing and profit making do know that there is money to be made from volatility. Bitcoin being highly volatile has the potential to provide for profits for those who are eagle eyed about trends. Investors need to know when to start and when to stop.
People with a keen understanding of Bitcoin feel that it is the hardest asset that humanity ever saw. They feel that boomers cannot understand it like the same way they don’t understand how a computer works. With Nouriel Roubini, it feels like boomers are giving their best to understand Bitcoin.
It just looks like too many people are not happy with the reasonable returns and they are more than willing to have extraordinary risks to achieve larger returns. There is denying that there is too much black money looking to get laundered too.
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