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One of Bitcoin’s most avid critics in recent years has been Nouriel “Dr. Doom ”Roubini.
The New York University professor, known for predicting the Great Recession of 2008, made a crusade against the cryptocurrency market due to its affinity for online crime and scams. Roubini also called the blockchain “vaporware”, despite many of his fellow economists and Wall Street analysts calling the blockchain revolutionary.
It has also made the fight over cryptocurrencies personal. He famously debated BitMEX co-founder and former CEO Arthur Hayes in Taiwan, throwing a series of insults at Hayes and his platform. In that speech, Roubini called Bitcoin the “mother of all scams”.
But recently, it seems to have changed its tone slightly. He still thinks that Bitcoin is not a valid currency, and it never will be, but he admitted that it may have some holdings of value.
Roubini changes his tune on Bitcoin
Whether it was a Freudian slip or not, Roubini admitted in an interview on November 6 that he thinks Bitcoin is a “partial store of value”.
This comes after it has been crusading against Bitcoin for years, denying its ability to store value and act as a means of payment. In 2019 he wrote:
“Bitcoin dropped 14% last day to less than 9.5K! Ouch! It must hurt to be so rekt so fast! Calling bitcoin a currency – not to mention thousands of other shitcoins – is a joke: I’m not a ‘unit of account, they are not a means of payment (5tps) and no stable reserve of value (-14% in one day) “.
Why it’s changing tone isn’t clear, but he noted that he sees some value in the “algorithm” that keeps Bitcoin’s supply on track to hit 21 million coins. Roubini refers to halvings, which take place about four years, to halve the reward that miners receive.
It seems @nouriel it’s changing tone.@JuliaLaRoche did reveal today that he now thinks Bitcoin is a store of value. (Starts ~ 2 min mark)
Eventually everyone capitulates. pic.twitter.com/Wl73LDybnO
– Pump 🌪 (@APompliano) November 6, 2020
Roubini added that compared to “shitcoin”, BItcoin’s ability to store value is superior. It thinks other cryptocurrencies are devalued faster than the Federal Reserve is inflating the value of the US dollar.
Which critic will change next?
While this was far from being an endorsement of Bitcoin, this is a tune change from one of Bitcoin’s loudest critics.
Bitcoin entrepreneur and investor Miguel Cuneta recently asked his followers which of BTC’s critics will change their tone next.
1. Who will be the first critic to say “I was wrong #Bitcoin“?
How many decades does the Bitcoin network have to persist before the most devoted Bitcoin haters like Krugman or Roubini swallow their pride and admit it was all a big misunderstanding?
– Miguel Cuneta (@MiguelCuneta) November 5, 2020
Of note, we’ve already seen a major Bitcoin bear change its tune in a big way.
This is Michael Saylor, CEO of MicroStrategy, he was actually a Bitcoin bull more than seven years ago.
“The days of Bitcoin are numbered. It seems only a matter of time before it suffers the same fate as online gambling. “
#Bitcoin the days are numbered. It seems only a matter of time before it suffers the same fate as online gambling.
– Michael Saylor (@michael_saylor) 19 December 2013
Saylor is arguably one of the biggest Bitcoin bulls ever, defending cryptocurrency in media interviews, actively tweeting about Bitcoin on Twitter, and personally buying $ 170 million worth of coins.
He also directed his company to buy Bitcoin worth $ 425 million, which is an investment that currently amounts to nearly $ 200 million in unrealized profits.
However, it remains to be seen what the next “hater” will be.
Bitcoin, currently ranked # 1 by market capitalization, is on the rise 1.69% in the last 24 hours. BTC has a market cap of $ 289.51 billion with a 24-hour volume of $ 31.62 billion.
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