Everyone knows that Noriel Roubini has some major beef with Bitcoin, as he has nonsensically attacked it and the entire crypto industry time and time again. So, it comes as no surprise that when Bitcoin and crypto markets are on a major rally, Roubini steps in and calls Bitcoin a Shitcoin. Roubini has repeatedly voiced his opinion on Bitcoin and even went as far as calling Bitcoin more centralized than North Korea. In his latest attack, Roubini compared Bitcoin the worst of the worst in the crypto world.
What is a Shitcoin?
Shitcoin is a technical term for a cryptocurrency or token that has become or is inherently worthless. While a lot of people will debate whether a token is truly a shitcoin or not, generally any cryptocurrency that has fallen 80% or more since its all-time high is a proper shitcoin. Zclassic (ZCL), GameCredits (GAME) and Bitcoin Diamond (BCD) are all great examples, falling 99%, 98%, and 97% respectively since their all-time high back in December 2017. The break-even multiples for these tokens is as high as 73.9x, meaning you can’t get shitter than these shitcoins. These are the cryptos that Roubini is comparing the mighty Bitcoin to.
Could Roubini Be Right?
It’s without question that the economics professor has created a number of enemies in the crypto space, but some of his points are actually somewhat accurate. At the Milken Institute Global Conference in Los Angeles back in 2018, Roubini called blockchain a “glorified Excel spreadsheet.” While it’s not completely true, it’s a very close analogy as to what blockchain and distributed ledger technology really is – a massive Excel spreadsheet that multiple people can read and write at the same time.
The Truth Hitting Home for Roubini
Over the years, Roubini has made a number of comments about cryptocurrency, and more specifically Bitcoin. We went through the various comments he has made about Bitcoin over the years and debunked virtually every single one as false or outdated. Many of his comments were true at one point or another, but at the time of his statements he was completely incorrect.
Roubini might be known in financial circles as “Dr Doom” for successfully predicting the 2008 financial crisis, but he has yet to prove himself as an authoritative figure in the crypto world. Jeffrey Skilling – the man who put the wheels in motion for the 2008 financial crisis – might be out of jail and looking to get into crypto, but that certainly doesn’t mean Roubini is right about Bitcoin being a shitcoin.