- Professor Nouriel Roubini has ranked Bitcoin as the most manipulated asset ever
- This is after BTC dropped dramatically from $ 19,400 to $ 16,300
- He explained that retail traders were tricked by whales and “ fucked like in 2018 ”
- Timothy Peterson agrees that Bitcoin is manipulated
- According to Professor Roubini, investing in Bitcoin is like taking your wallet to a rigged casino
Bitcoin’s Dr. Doom, Professor Nouriel Roubini, once again ranked Bitcoin as “the most manipulated asset ever”. His Bitcoin statements were released after the King of Crypto dropped from $ 19,400 to $ 16,300 in less than 48 hours. According to Prof. Roubini, retail traders were again lured into the market by manipulative whales in a similar situation as in 2018.
13% less. The most manipulated asset ever. As I said, the higher it goes, the harder it will be to fall. FOMO’s drooling retail fanatics tricked by manipulative whales will be fucked like in 2018!
Timothy Peterson, of Cane Island Alternative Advisors, has set aside his differences with Professor Roubini, to agree that Bitcoin is indeed manipulated. His comments can be seen in the following Tweet. Mr. Peterson has published a paper on Bitcoin Price Manipulation which is available online for further study.
I don’t like that guys see normally, but he’s right about that. https://t.co/rt1TRmhJUr
– Timothy Peterson (@nsquaredcrypto) November 26, 2020
Bitcoin is like taking your wallet to a rigged illegal casino – Dr. Doom
Professor Nouriel Roubini continued to post a twelve-part Twitter thread in which he warned retail traders against being duped by manipulative Bitcoin whales.
Bitcoin has no role in the portfolios of institutional or retail investors. It is not a currency: not a unit of account, not a scalable means of payment, and it is a highly volatile store of value. It’s heavily manipulated – look at the Bitfinex investigation by US law enforcement.
The key to his argument is that Bitcoin is not a currency and that it is highly manipulated using Tether. Furthermore, Bitcoin is not an asset and has zero intrinsic value. He likened owning Bitcoin to taking your wallet to an illegal rigged casino.
… Tether is used to manipulate the Bitcoin market. And look at the recent indictment of BitMex and its CEO and criminal gang. It has no intrinsic value, it is not backed by any asset, it has no legal tender, it cannot be used to pay taxes.[Bitcoin is] Non-scalable payment methods. It is toxic to the environment as POS absorbs huge amounts of energy and pollutes the earth
Bitcoin is not an asset as it has an intrinsic value of ZERO… So it is a pure “asset” manipulated speculative and bubble with no fundamental value. It is not even a hedge against risk off episodes: every time the shares go down, bitcoin goes down much more.
Investing in BTC is equivalent to taking your wallet to a rigged illegal casino and gambling; at least in legitimate Las Vegas casinos the odds aren’t against you as those gambling markets aren’t manipulated in the way that BTC is. Instead, BTC is heavily manipulated by Tether & whales.