Dr. Doom softens stance on Bitcoin, admits the potential of the cryptocoinNovember 11, 2020
It’s not easy to garner supporters when a concept is new- but it’s certainly quite a feat when one can compel a skeptic to see some level of worth in it. The same rings true with Bitcoin. The coin had been facing severe scepticism from the mainstream financial world ever since its inception yet it has also successfully converted many skeptics into enthusiasts over time. And Bitcoin has done the same again- this time it is Nouriel Roubini or the famous Dr. Doom.
The esteemed America economist has been one of the staunchest skeptics of Bitcoin and the crypto industry in general. He has also been very transparent about his criticism of the crypto industry over the years. Couple of years back, Roubini dubbed cryptocurrencies as nothing but “mother of scams & bubbles” and the crypto world as “stinking cesspool”. Not just that, he had even criticised Paypal for its support towards Bitcoin. However, with the crypto scene on a bullish run of late, especially Bitcoin, the leading economist seems to have finally admitted to find some degree of potential in the coin.
Bitcoin has taken the crypto industry and the overall financial world by storm lately with its awe-inspiring rise. Currently, the coin has crossed the $15k mark and is fast approaching towards $16k. Speculation is this recent exponential rise of the coin is one of the major factors behind Roubini’s changing views on Bitcoin. In one of his latest interviews last week, Roubini has been famously quoted as admitting Bitcoin as an asset with “partial store of value”.
Per his statements, Bitcoin stands as “partial store of value” since, unlike other cryptocoins (shitcoins according to Roubini) BTC can’t be debased easily. It’s because there is an algorithm which decides the volume of supply of the coin over time. But, most of the other crypto coins are developed ad hoc. Hence, according to the leading economist, they get debased faster.
Roubini’s new positive stance on Bitcoin has certainly taken the crypto world by surprise.
“Dr. Doom’s latest views on Bitcoin is a big surprise and certainly a welcome development. It feels good to know that he has finally acknowledged the ‘potential’ of Bitcoin to some extent even when had previously declared the cryptocurrency industry as ‘worth nothing’. Looking at BTC, we are expecting it to cross at least the $16k mark in the coming weeks”, stated Sina Estavi, CEO of rising decentralized oracle Bridge Oracle.
Interestingly, the prestigious economist also stated that the world is all set to witness a huge revolution in the coming three years. Per his statements, a large number of central banks are currently working on digital currencies which would be launched within three years down the line. He stressed that when these currencies would be launched, every person would hold an account with one of the central banks from where they would be able to do the payments. In that case, people won’t need crypto or Venmo. He won’t even require a check or bank account.