This week economist Nouriel Roubini said bitcoin is going to crash to zero. RT talked to Max Keiser, host of RT’s Keiser Report, about the validity of the prediction.
“There are several arguments that can be made critical of bitcoin on technical grounds, and Roubini never mentions these, therefore offers no room for intelligent debate,” Keiser said. “Roubini’s comments are straw man arguments meant to deflect rather than elucidate."
According to Keiser, “Roubini feels compelled to comment on bitcoin because it has captured the world’s imagination and he’s being asked about it, but he does not have the background, or knowledge to offer anything substantive.”
The American economist who earlier called bitcoin the “biggest bubble in human history” said traders will use wash trading to prop up the prices. Wash trading involves someone buying and selling their own order to manipulate markets.
The economist’s “comments regarding wash trading can be seen as a blanket statement that covers all financial trading in all markets, in particular the gold market that has languished for years due to wash trading and spoof trading cited by regulators repeatedly.”
Keiser added that Roubini has said nothing about the “egregious gold market manipulation” which is the second biggest market in the world by volume.
“We’re left asking, who is Roubini shilling for? The obvious answer is: the establishment banks and academics who rule his particular patch in economics,” Keiser said.
“Until Roubini indicates he’s spent more than 5 minutes thinking about this subject, citing the White Paper for example, we can safely ignore his comments along with his Luddite friend Paul Krugman at the New York Times.”
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