By Laura Sanchez
Investing.com – Cryptocurrencies are not in their best shape right now. Although it is now trying to recover its positions, the sector has lost around $500 billion in a week, according to FX Empire.
Economist and investor Nouriel Roubini, famous for predicting the 2008 crisis, is known in the market for his attacks on the cryptocurrency industry. These days he has published several messages against this market.
Roubini, who defines it as “the mother of all scams”, comments that the world’s largest cryptocurrency is “only” 50% below its previous all-time high. Other cryptocurrencies are down more than 66% these days, like , , and , calling them a “cryptocurrency massacre”.
In a message the investor posted on his personal (NYSE:) Twitter account, he notes, “Bitcoin is now at 36,000, down nearly 50% from its November ATH. who predicted it would be 100,000, 200,000, 400,000 now.And that must hurt badly to all the fools who bought it in the frenzy when it was 69,000 last fall as the whales s got rid of them!”.
In another post on his Twitter account, the Economist asserts that “Bitcoin and ‘Crypto Shitcoins’ are neither an inflation hedge nor a correction of risk assets.” They have fallen sharply since the peak of inflation in recent months and have fallen between 53% and 86%, while stock market indices are barely in correction territory (-10%). No cover!”.
The New York University professor also tweeted that NFTs (Non Fungible Token) are “the mother of all tulips!”.
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