{"id":175535,"date":"2020-11-08T18:16:05","date_gmt":"2020-11-08T18:16:05","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=175535"},"modified":"2020-11-08T22:28:19","modified_gmt":"2020-11-08T22:28:19","slug":"nouriel-dr-doom-roubini-admits-bitcoin-is-a-partial-store-of-value","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/nouriel-dr-doom-roubini-admits-bitcoin-is-a-partial-store-of-value\/","title":{"rendered":"Nouriel “Dr. Doom” Roubini admits Bitcoin is a “partial” store of value"},"content":{"rendered":"

One of the most staunch critics of Bitcoin over the past few years has been Nouriel “Dr. Doom” Roubini<\/a>.<\/p>\n

The New York University professor, known for predicting the 2008 Great Recession, has crusaded against the cryptocurrency market due to its affinity to online crime and scams. Roubini has also branded blockchain “vaporware,” despite many of his fellow economists and analysts on Wall Street calling blockchain revolutionary.<\/p>\n

He has also made the fight on crypto personal. He famously debated BitMEX co-founder and ex-CEO<\/a> Arthur Hayes in Taiwan, launching a number of insults at Hayes and his platform. In that talk, Roubini called Bitcoin the “mother of all scams.”<\/p>\n

But recently, it appears that he has slightly changed his tune. He still thinks Bitcoin is not a viable currency, and never will be, but admitted that it may have some store of value properties.<\/p>\n

Roubini kind of changes his tune on Bitcoin<\/strong><\/h2>\n

Whether it was a Freudian slip or not, Roubini admitted in a Nov. 6 interview that he thinks Bitcoin is a “partial store of value.”<\/p>\n

This comes after he has been crusading against Bitcoin for years, denying its ability to store value and to act as a means of payment. In 2019 he wrote:<\/p>\n

“Bitcoin down 14% in last day to below 9.5K! Ouch! It must hurt to get so rekt so fast! Calling bitcoin a currency – let alone 1000s of other shitcoins – is a joke: they are not a unit of account, they are not a means of payments (5tps) and no stable store of value (-14% in a day).”<\/p><\/blockquote>\n

The reason why he's changing his tune is unclear, but he did note that he sees some value in the “algorithm” that keeps the Bitcoin supply on track to hit 21 million coins. Roubini is referring to the halvings, which take place approximately four years, to halve the reward that miners receive.<\/p>\n

\n

Sounds like @nouriel<\/a> is changing his tune.@JuliaLaRoche<\/a> got him to disclose today that he now thinks Bitcoin is a store of value. (Starts ~2 min mark)<\/p>\n

They all eventually capitulate. pic.twitter.com\/Wl73LDybnO<\/a><\/p>\n

— Pomp ? (@APompliano) November 6, 2020<\/a><\/p><\/blockquote>\n