What Are Nouriel Roubini’s Thoughts on Crypto Right Now?

Cryptocurrencies are not in the best moment right now. The crypto market has erased approximately $500 billion in a week, and people who do not support the crypto world like Nouriel Roubini share their thoughts of what’s happening.

Nouriel Roubini recently tweeted in his official account that NFTs are “The Mother of All Tulip-Mania!” as you see below:

NFT is The Mother of All Tulip-Mania! And it will crash similarly. Every piece of crappy or junk video or pseudo-art is put on NFTs these days. Soon enough even good art such as Piero Manzoni's "Merde d'Artiste" so that even cow manure will be turned into NFTs! pic.twitter.com/Ug265bARBM

— Nouriel Roubini (@Nouriel) January 23, 2022

The New York University professor also comments that Bitcoin is “only” down 50% from its previous all-time high. Other cryptocurrencies are down more than 66%, like Cardano, Polkadot, Shiba Inu, and Dogecoin, calling it a “crypto massacre.”

Who Is Nouriel Roubini?

Nouriel Roubini is an Iranian-American economist who predicted and warned the housing bubble when it burst in 2008. He warned in 2006 during a presentation to the International Monetary Fund that a recession would be coming because of the housing bubble.

Roubini teaches economics at New York University’s Stern School of Business; he is the CEO of Roubini Macro Associates, LLC, a global macroeconomy consultancy firm and co-founder of Rosa & Roubini Associates, an independent macro-financial research firm.

“Dr. Doom” is one of his nicknames because of his constant pessimist behavior and thoughts on related economics themes. In other words, he is a real “Bear” speaking in economic terms.

Roubini’s General Vision on Crypto

This is not the first time Roubini has been pessimistic about the crypto ecosystem. Roubini’s bearish sentiment came back in 2018, calling Bitcoin “mother of all scams“.

In 2020, Roubini was interviewed and called cryptocurrencies a “misnomer”, because to be a currency, there must have a unit of account, but in that same interview, Roubini called Bitcoin “a partial store of value” because it has an algorithm that controls the supply over time.

The two biggest cryptocurrencies by market capitalization, Bitcoin trading at $34,800 and Ethereum trading at $2,340, are down approximately 20% and 26% respectively in the last seven days.

Economists like Nouriel Roubini will probably keep sharing their “negative” thoughts and warning crypto investors as the bearish sentiment continues.