Nouriel Roubini is an Economics professor at Stern School, who is famous for pessimistic predictions regarding the economy, has proclaimed that the price of bitcoin is bound to go down to a mark of zero since the governments are continuously putting a ban on the currency.
Also, Mr. Roubini has warned the investors to keep their assets instead of selling it during these hours of extreme doom. He used the phrase “HODL” that supposedly means “Hold on for Dear Life”.
He also tweeted about the recent crash of Bitcoin below the mark of $6000 that has now reached $5000 mark.
Mr. Roubini also described the techniques that few traders use to increase the prices. One of the terms related to it is called “wash”. It is used when an investor in this market buys and then sells his/her own order in wanting to manipulate the market.
These techniques are expected to surface up even more during these difficult times and it increases the anxiety among investors.
He also added further that now that the bitcoin has hit a low of a $5K mark, traders have now started getting active to pop its price up. The activities of the wash trades among criminals are also on the go. He also raised his concern whether the SEC and CFTC are going to take any steps towards it or not.
Mr. Roubini also told Bloomberg last week that bitcoin is the “biggest bubble in the human history”.
The current value of Bitcoin is at $7,348 mark, Ethereum has reached a $749 mark and Ripple sits at $0.73.
Bitcoin recently fell heavily. These fall downs and all the bans being put by banks on the customer credit cards for cryptocurrency purchases have started making investors nervous. The prices are going to fall even lower according to the predictions.