The sharp drop in cryptocurrency prices has brought new waves of criticism of Bitcoin as a fad which has no real value other than speculation. Let’s go through a list of the most famous critics of crypto.
Nouriel Roubini is a well-known economist, a professor at NY University and one of the few who predicted the 2008 financial crisis. He is one of the biggest crypto critics around. In the past few weeks, he has been very actively sharing his opinions on cryptocurrency on his Twitter page.
Roubini certainly occupies the top line in our crypto skeptics’ list and leads by a large margin. Scrolling through the feed, you will find Nouriel calling crypto trading a “Big manipulative Fraud” and claiming that 99% of crypto is a scam.
One of his tweet says, ‘Yes crypto land has been the mother of all price manipulations: pump n dump schemes, spoofing, wash trading, front running, insider trading, conflicts of interest of exchanges, Tether & other pseduo stable-coins created by fiat propping up BTC by 80% as a scholarly study proved.’
You probably all agree with me that, no one would like to find themselves in a situation when the second richest man in the world valued at more than $95 billion, is on the opposite team. And he is also not a fan of cryptocurrency. Talking to CNBC in May, he said “I would short it if there was an easy way to do it.”
Replying to a question from Reddit users, Gates wrote about cryptocurrencies:
“The main feature of crypto currencies is their anonymity. I don’t think this is a good thing. The Government’s ability to find money laundering and tax evasion and terrorist funding is a good thing. Right now crypto currencies are used for buying fentanyl and other drugs so it is a rare technology that has caused deaths in a fairly direct way. I think the speculative wave around ICOs and crypto currencies is super risky for those who go long.”
A professor at Columbia University and a Noble price-winning economist, Joseph Stiglitz stands firm in its position on cryptocurrencies. He believes that bitcoin should be outlawed. Speaking at the 2016 IMF World Bank Spring Meeting in Washington, he said:
“My feeling is that when you regulate it so that you couldn’t engage in money laundering and all these other things, there would be no demand for bitcoin. So by regulating the abuses you are going to regulate it out of existence.”
Warren Buffet is currently the third richest man in the world. His net worth is approximately $ 85 billion, and he is deservedly considered one of the most successful investors in history. This is one guy you definitely want on your side.
As you might have guessed, Buffet is not a fan of the cryptocurrency. The investment guru doesn’t believe that BTC has any real value and claims that the currency simply doesn’t produce anything.
“The asset itself is creating nothing”. He also stated: “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending,” he said in interview for CNBC.
Nobel Prize-winning economist Robert Shiller has enough experience and authority to formulate an opinion about bitcoin — and that is not something any holder wants to hear. Robert Shiller is drawing parallels between the world’s leading cryptocurrency and the dinosaurs. According to the Yale professor, bitcoin could go extinct within the next 100 years.
But there is some good news: Schiller really believes that there is a huge bubble in the cryptocurrency market, but he does not think that it will completely evaporate. In his interview to Bloomberg, he said: “It is a speculative bubble. That doesn’t mean that it will go to zero.”