Reports coming out of the CC forum in London today suggests that “Dr. Doom” Nouriel Rouibini, one of the most ardent critics of cryptocurrencies, is slightly revising his vitriol around his disdain for coins.
Roubini, a lauded economist on record as bearish on Bitcoin and all other crypto, apparently conceded that Bitcoin can be “a partial store of value” although he qualified this with reported derogatory remarks on cryptocurrency related to BTCC co-founder Bobby Lee.
Instead of championing cryptocurrencies, Roubini suggested in conference comments that AI, big data and the Internet of Things will become major disruptors in the world of technology, where he does not believe, for example, that cryptocurrencies are going to become a common means of payment and be scalable in fintech in general. Roubini made headlines months ago “battling” BitMex leader Arthur Hayes on BTC utility, among other related topics.
It’s interesting to note that Roubini revised his scathing criticism of coins at a time when Bitcoin value stands significantly down from this year’s highs at around $8000 per coin.
In fact, Roubini reportedly noted this, saying BTC “lost 60% in value since its peak,” and adding: “I don’t see it going anywhere, frankly.”
Many Bitcoin traders are waiting breathlessly as the coin sticks around the $8000 mark – earlier this year, it stuck around $10,000, and at one point, it had climbed up nearer to $13,000 per coin.
Traders who are underwater from previous 2019 values are watching to see whether a new Bitcoin exchange traded fund or improvements in the new Bakkt physically delivered bitcoin futures market may push the price higher.