Bitcoin supporters are quick to support their baby.
The crypto community has been rather united as of late, and it is primarily thanks to one rather famous economist.
Nouriel Roubini.
He is a famed economist and scholar, largely credited with predicting the financial crisis in America roughly 2 years before it actually happened.
He has made several correct calls about impending crashes and for that reason he has been nick-named Dr. Doom.
Dr. Doom says bitcoin is doomed.
Lately Dr. Doom has been in the headlines again for saying there is about to be a major crash, this time in bitcoin.
He has some good points about the energy consumption and also about it primarily being used as a speculative vehicle, besides also being used for tax evasion and money laundering.
However, once he gets off those main points he starts to twist the facts rather drastically in order to fit his thesis.
For example:
He is using some stats that are taken out of context in order to arrive at his average cost per transaction that also don't really play out in the real world, though he makes it sound like they do.
For example, if he were to actually buy a cup of coffee with bitcoin, it would not cost him $63 like he claims as the average actual fee is currently about $.05.
Which means...
That coffee in his example would cost him $3.05.
A far cry from what he is leading others to believe.
Either way, he has been uniting the community.
As you can imagine the crypto community has been in an uproar over some of his comments as of late.
For now the infighting among bitcoin and bitcoin cash supporters has even slowed in order to rally against this common foe bashing the entire crypto ecosystem.
While Dr. Doom has been right in the past, he has also been wrong plenty of times as well, which means he may also be wrong about bitcoin.
In 2010 he was calling for a double dip recession in the US, which as we can see never actually happened.
Thanks for uniting us Dr. Doom!
Stay informed my friends.
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