Nouriel Roubini, the economist who’s become famous for predicting once-in-a-generation disasters (Black Swans) a couple times per year, now says that the value of Bitcoin will fall to zero. He then joins the cult of the Deep State Conspiracy Theorists by claiming that the only thing that could halt the demise of Bitcoin is “Wash Trading”. This is the alleged practice of traders secretly buying and selling their own Bitcoin in an attempt to prop up the price artificially. Not a fan of understatement (since it doesn’t promote retweets), Roubini called the Bitcoin collapse as the “biggest bubble in human history.”
To be fair to Roubini, the price of Bitcoin has fallen off the cliff, diving below $6,000 after a high of more than $20,000. As of yesterday, the value has dropped 49 percent since the beginning of the year, with currencies like Ripple and Stellar also coming under intense pressure as well. Investors have been spooked by increasing talk of regulation of cryptocurrencies, with China and India warning of tough measures to limit their use. Agustin Carstens, the director of the Bank of International Settlements called Bitcoin a “combination of a bubble, a Ponzi scheme, and an environmental disaster.”
