Crypto is on the brink of collapse, and renowned economist Nouriel Roubini, also known as “Dr. Doom,” is declaring its impending demise.
With a tone of both vindication and warning, Roubini points to the latest development in the U.S. Securities and Exchange Commission’s crackdown on crypto misconduct, championed by none other than its chairman, Gary Gensler.
The writing is on the wall, and Roubini is sounding the alarm: the end of the digital currency era is near, he says.
Traders, Investors Must Brace For Crypto ‘Apocalypse’ – Roubini
Not mincing words when it comes to the future of crypto, the infamous economist shared an article on Twitter about Gary Gensler’s push for a staggering $2.4 billion in funding for the SEC to crack down on digital assets. Roubini sees this as a sign of the impending doom for the crypto world and its unscrupulous players.
Finally the SEC will have the findomg to go after all the other crypto – and other – crooks. The crypto apocalypse is coming! 🤑🤮💩💩🤮🤑🔥💥☄️ https://t.co/samEas2HAy
— Nouriel Roubini (@Nouriel) March 30, 2023
With a flourish of bravado, he declares that the reckoning is coming for those who have been taking advantage of the unregulated, Wild West of virtual currency. To Roubini, the end is nigh, and he is gleefully proclaiming the arrival of the “crypto apocalypse.”
Image: Money & Markets
Crypto Stance Set In Stone
Roubini’s scathing critiques of the cryptocurrency industry are the stuff of legend. With a razor-sharp wit and an unflinching eye for detail, he has tirelessly pointed out the flaws and dangers lurking beneath the surface of this burgeoning field.
No cryptocurrency is too small, no blockchain too innovative, to escape his scrutiny. Roubini’s analysis is incisive, his warnings dire, and his contempt for the crypto world palpable.
But love him or hate him, there is no denying that Roubini has earned his place as one of the most influential voices in the ongoing debate over the future of money and finance. In fact, his notoriety began when he predicted the 2008 financial crisis before it occurred.
For Roubini, the allure of bitcoin is nothing more than smoke and mirrors, a cleverly disguised Ponzi scheme that has convinced gullible investors to pour their hard-earned money into a digital mirage.
Total market cap of cryptocurrencies currently at $1.14 trillion on the daily chart at TradingView.com
He argues that the lack of regulation and accountability in the industry has created a breeding ground for fraud, money laundering, and other illicit activities. To him, the promises of decentralization, anonymity, and security are nothing more than empty slogans that have been used to lure in unsuspecting victims.
ETH is a security in spite of all the self-serving b/s that ETH whales have been spewing for a decade! A bunch of ETH billionaires claim that isn’t a security. Totally laughable!
SEC’s Gensler Reiterates ‘Proof-of-Stake’ Crypto Tokens May Be Securities https://t.co/025ZzV24xH
— Nouriel Roubini (@Nouriel) March 30, 2023
Dr. Doom’s Latest Jab
Roubini’s latest target is Ethereum whales, the deep-pocketed investors who hold a significant portion of the popular digital currency. He’s doubling down on his belief that Ethereum is a security, echoing the views of Gensler again.
To Roubini, the idea that ETH whales have the best interests of the broader community at heart is nothing short of ludicrous. In his trademark style, he dismisses their claims as “totally laughable,” adding another arrow to his quiver of criticisms of the crypto world.
-Featured image from Rick Wilking/Reuters