Dr. Doom, a professor at NYU, has stated that “99% of cryptocurrency is a hoax, criminal activity, and a whole real-bubble Ponzi scheme that is going bust.” He warned potential investors to “definitely stay away” from cryptocurrency, asserting that the majority of those involved are “all criminals.”
Warns Dr. Doom Almost all cryptocurrencies are scams.
Dr. Doom, a.k.a. economics professor Nouriel Roubini, issued a cryptocurrency warning during a Yahoo Finance Live interview on Wednesday at the World Economic Forum in Davos, Switzerland.
At the Stern School of Business at New York University (NYU), Roubini teaches economics and international business.
Literally, 99.99% of cryptocurrency is a fraud, a crime, and a massive Ponzi scheme that is about to collapse.
Dr. Doom also expressed his thoughts on Sam Bankman-Fried, the disgraced founder of the defunct cryptocurrency exchange FTX (SBF).
The NYU professor continued by recommending against buying bitcoins.
He emphasized that the majority of them had FOMO (fear of missing out) in 2021 when the price of bitcoin soared from $20,000 to $69,000 and that 99% of investors purchased the cryptocurrency “far beyond the current market value.”
It is a nightmare, Dr. Doom pointed out that other cryptocurrencies “have collapsed by 90%, 95%,” so bitcoin investors are not the only ones who have lost money. Officially, 80% of the 20,000 ICOs (initial coin offerings) were scams, and another 17% have completely failed, the speaker continued.
Roubini’s advice for investing in cryptocurrencies is as follows: The NYU economics professor has long been an outspoken opponent of cryptocurrencies, alleging that the majority of those who support them are charlatans.
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), recently cautioned investors against FOMOing into this asset class and predicted that the majority of crypto tokens will fail.