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NYU professor 'Dr. 'Doom' Says 99% of Cryptocurrencies Are Scams - Urges Investors to 'Stay Away Absolutely' - Featured
NYU professor Nouriel Roubini, also known as Dr. Doom, has warned that “99.99% of cryptography is a scam, a criminal activity, a total Ponzi scheme that will go bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.” Dr. Doom Warns Crypto Is Almost 100% a Scam Economics Professor Nouriel Roubini, aka Dr. Doom warned against cryptocurrencies in an interview with Yahoo Finance Live on Wednesday at the World Economic Forum in Davos, Switzerland. Roubini is Professor of Economics and International Business at the Stern School of Business at...
NYU professor 'Dr. 'Doom' Says 99% of Cryptocurrencies Are Scams - Urges Investors to 'Stay Away Absolutely' - Featured
NYU professor Nouriel Roubini, also known as Dr. Doom, has warned that “99.99% of cryptography is a scam, a criminal activity, a total Ponzi scheme that will go bust.” He advised investors to “absolutely stay away” from crypto, claiming that most people in the crypto space are “all crooks.”
Dr. Doom warns that crypto is almost 100% a scam
Economics professor Nouriel Roubini, also known as Dr. Doom warned against cryptocurrencies in an interview with Yahoo Finance Live on Wednesday at the World Economic Forum in Davos, Switzerland.
Roubini is a professor of economics and international business at the Stern School of Business at New York University (NYU). He is also Chairman of Roubini Global Economics, a global macroeconomics and market strategy research firm he co-founded. He told the news agency:
Literally 99.99% of cryptos are a scam, a criminal activity, a total pyramid scheme that goes bust.
Dr. Doom also shared his opinion about the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). FTX applied bankruptcy last November and SBF is currently facing several Fraud allegations everything he has pleaded not guilty to. “FTX and SBF are not the exception – they are the rule,” explained Roubini.
The NYU professor further advised against investing in cryptocurrencies. He explained that 99% of Bitcoin investors have not bought Bitcoin at $1,000 or $10,000. “Most of them have FOMO [fear of missing out] in 2021 when it exploded from $20,000 to... $69,000,” he pointed out, highlighting that 99% of Bitcoin investors bought the cryptocurrency “well above the current market value.”
Roubini said: "So they lost their shirts. It's a nightmare." Dr. Doom noted that Bitcoin investors aren't the only ones losing money, as other cryptocurrencies are "down 90%, 95%." He added: "Out of 20,000 ICOs [initial coin offerings], officially 80% were a scam and another 17% went to zero. So that means 97% of them...were either a scam or lost everything."
Regarding crypto investments, Roubini advised:
You have to stay away. You absolutely have to keep your distance. And most of these people literally belong in prison - literally they are all crooks.
The NYU economics professor has long been a vocal critic of cryptocurrencies, claiming that most crypto proponents are scammers. He called Binance CEO Changpeng Zhao (CZ) “a walking time bomb.”
The Chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, recently warned about this Most crypto tokens will fail, urging investors not to enter this asset class with FOMO. Meanwhile, a former SEC enforcement official, John Reed Stark, warned against it SEC regulatory assault is just beginning.
What do you think of NYU professor Nouriel Roubini's crypto warnings? Let us know in the comments section below.
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