Bitcoin Forum

https://twitter.com/psychedelicbart/status/1447882354576568322


I cannot believe it. Nouriel Roubini, one of Bitcoin’s most commited CRITICS has changed his stance against Bitcoin, and has embraced it and has recognized its merits. Will Peter Schiff be next? I believe one of his feet has entered the door. His son owns Bitcoin. 8)

To be honest, I haven't heard of this guy before, but I can see that he's a serious economist with top-level education, and his opinion is highly valued in the US. It's nice that he perhaps changed his mind (although I'm now surprised I don't see news about it), but what if he didn't? While looking up info about him, I saw this Forbes article (https://www.forbes.com/sites/billybambrough/2020/11/13/nouriel-roubini-cryptos-fiercest-critic-admits-bitcoin-could-be-a-partial-store-of-value/) from almost a year ago where he said Bitcoin can be a store of value and is not like shitcoins. He said it when the price was on the rise, and then in February 2021 he said (https://markets.businessinsider.com/news/currencies/bitcoin-analysis-nouriel-roubini-not-hedge-inflation-investors-feeding-bubble-2021-2#:~:text='Dr.-,Doom'%20economist%20Nouriel%20Roubini%20says%20bitcoin%20is%20not%20a%20hedge,investors%20are%20'feeding%20the%20bubble'&text=Roubini%20also%20argued%20bitcoin%20isn,of%20its%20correlation%20with%20stocks.) Bitcoin isn't a hedge against inflation that called it a bubble. So he's not trustworthy, and he changes his words from time to time to catch the hype, IMO.

Schiff may still be a shill for gold and that wouldn’t change any time soon. He’s so deep into his angst against bitcoin and convinced that it will do nothing for the world and its value will always be nonexistent. As for Roubini, he might be the next Jamie Dimon praising bitcoin one day and cursing it the next. I’m still not convinced that his stance on bitcoin and crypto in general has changed.

A hedge against inflation or not, I don't know. It is personal view but the point is

• Bitcoin value increases over years.
• If you look at the lowest price of Bitcoin over years, it is very impressively growth.

The bullish case for Bitcoin (https://vijayboyapati.medium.com/the-bullish-case-for-bitcoin-6ecc8bdecc1) is a very informative article. Newbies who only participate in the crypto market should read it.

The Purchasing power of the US. dollar (https://www.visualcapitalist.com/purchasing-power-of-the-u-s-dollar-over-time/) is a case study but it also represents the fact about fiat, generally. They are all hyper inflated and have values drop over time.

While this sounds like him being bullish on the surface, I wouldn't make conclusions immediately with not enough context. Like, I wouldn't be surprised if Nouriel Roubini would suddenly be like "yes, I said that, BUT.. *insert bitcoin fud here*"

You're probably not following this space closely enough. :P (which is totally fine btw). He's been a big critic in like 2017.

You’re right, I may be putting it out of context. Although, the person who tweeted that is currently there in that Bitcoin Conference in Dubai where Doctor Doom Roubini gave that talk. I’ll post Roubini’s response if he tweets an explanation.

I thought everyone had heard of Dr.Doom, because they call him like that since he almost always predicts that something bad will happen - and when he does, they say he's a very smart and intelligent man who understands how the world works better than others. I had a chance to watch a few of his interviews (albeit unrelated to Bitcoin), and I have to admit I wasn’t left under any particular impression.

What I have noticed is that he lives very luxuriously at the expense of what he says, which means that he sells his visions of the doomsday of the economy very lucratively, and bad news seems to sell much better than good news.

If it took a man 10+ years to realize that Bitcoin has value, then he is a really great expert.

I am curious what makes him change his mind to believe in bitcoin now. Is that because bitcoin shows power by lift the price from a lower price to a high price and he just realizes that? Where did he found his belief in bitcoin?

I think that will happen to many people out there who do not believe in bitcoin, especially after seeing how bitcoin performs. I hope that many more will believe in bitcoin and will become bitcoiner soon.

schiff is not a shill for gold.

he wants people to buy it.
translation
he wants to sell his gold and exit gold.

a true hoarder doesnt want people trying to buy it off them. a true hoarder would tell people to go away and stop asking.

remember when boilerroom stock/shares(pump n dump) guy comes around offering you 'deals' on shares..  its because they already bought in and are now looking for buyers so they can sell/exit out

yes schiff will over promise and over commit on something he is ready to escape. thats how things work.
you see it with all these pre-mined crapcoins and altnets. they want others to join in. so that the promoters can exit-out with profit

and yes schiff has targetted the bitcoin market. where he wants them to sell coins for gold(aka give him btc).
and yes schiffs accepts bitcoin via bitpay (pretends he converts to dollars(pfft))

It’s hard to say whether he changed his mind, or just someone took his statement out of context - but I think more and more of those experts who were previously negative or extremely negative about Bitcoin just don’t want to stay in the group of those who will remain in the minority. If you have been expressing your opinion about something for years, and the facts constantly refute you in what you say - then either you are not intelligent enough to understand, or someone is paying you not to deviate from your views.

Some just need more time to believe, and time has shown that Bitcoin is no Ponzi scheme and a passing trick intended to enrich an individual or a group. Of course, there are those who will continue to say that the whole thing will collapse and that Bitcoin has no value, but maybe in 10 years, they will admit that they were wrong.

It seems to me that Nouriel Roubini is something like an attention whore.
He is desperate for people's attention and tries to stay in the spotlight by making various statements.
I guess that he was a big time BTC FUD guy mostly due to the "China is controlling Bitcoin" type of FUD.
Now,it is clear that China isn't controlling Bitcoin,so suddenly BTC became cool in the eyes of some anti-Bitcoiners.Who's next?Maybe Warren Buffet?


AFAIK,Roubini is a die hard fiat money fan and he wants the central banks to keep printing money to pump the demand in the economy.Also,according to him,the governments should spend more,in order to pump the economy.
Typical economy theory created by John Maynard Keynes.Nothing original and nothing groundbreaking.
The previous 2007-2010 global financial crisis was pretty easy to predict.You didn't have to be a genius, in order to see the Wall Street madness and the US Real Estate market insanity back then.

Who would forget Dr. Doom? he was voted drama queen of 2018 for his bearish and anti-bitcoin sentiments?

https://i.imgur.com/yWo4yLU.png

https://twitter.com/spiroseliot/status/1077636512341204994

What made him change his mind? Probably it was a "if you can't beat them, join them attitude".

The last hint though that he maybe softening his stance is this statement from him November 2020.

Nouriel Roubini Admits Bitcoin May Be a Store of Value, Sees Big Revolution in Central Bank Digital Currencies (https://news.bitcoin.com/dr-doom-nouriel-roubini-bitcoin-store-of-value/)

Schiff has already recognize his defeat against BTC many times before. The strongest and most stupidest one was when he thought Bitcoin was to blame that he didn't back up his wallet, lol. When you get some boomers out here who got zero idea how Bitcoin truly works but still talk crap about it, you know they're gonna fail at some point.

The more BTC grows, the more of these critics will turn from BTC critique to BTC investment. But at the same time, expect new critiques to appear every time Bitcoin surprises the world again.

It seems to me that many anti bitcoin personalities openly criticize it for the publicity it gives, a lot of people would have never heard about Peter Schiff or the guy in the op if they have not been openly critical about Bitcoin, we saw how Elon Musk dominated crypto news for months due to his critical view of Bitcoin and how Michael Saylor has become renowned for his purchases and positive view.

Most people do things for their personal interest, so I do not much value expert advice or opinion especially if it cannot be verified.

Who's Doctor Roubini is? even if he change his stand for sure it will not create any impact and we don't know his intention on why his decision change. Maybe he has an agenda about flipping back so best not to talk his name since for sure he want free marketing only and became famous on this industry. There are so many clowns already pop up here so I guess we don't new one since they will just create commotion on this space.

Yes, I think I heard of this man and his opinions on Bitcoin were published before by the mainstream media maybe in a desperate attempt to find anything that is faulty with the rising coin back then. Now, that Bitcoin is getting accepted by more and more people and institutions, this man changed the tune from being somehow negative to really positive. Anyway, for me, he does not have any influence at all and should be dismiss as just unnecessary figure in the world of cryptocurrency. We don't a man named as Nouriel Roubini...who sounds like a magician to me than an economist.

Did they? I think the correct term to use here is not "views" but "public statements", and there is a big difference between the two.
I am someone who believes that those who have spread the most amount of FUD about bitcoin in the past are the same people who have bought the most amount of bitcoin themselves. The reason for this hypocrisy is that they were accumulating bitcoin in silence and needed time so they didn't want price to shoot up.

In the end Roubini is yet another idiot who has been talking out of his ass about bitcoin for years and nobody with half a brain ever cared about what he says :D

Never say never, ever! After all, the biblical Saul who later became Paul, a great critic of the Christian faith later got converted to the faith he so much persecuted. Peter Schiff won't be an exception. He's likely going to change his position sooner than we even expect. By the way, didn't OP's protagonist – Roubini –  have a change of mind too? Wait till Warren Buffet gets in and you will see the crowd crash for it. A lot of these bigwigs are going to be forced into reviewing their stance on Bitcoin soon because most of them misunderstood Bitcoin albinitio.

He probably was buying the whole time & didn’t want to reveal his real position. I never believe anything people say, there is always an agenda.

Don’t trust, verify.

They show their true selves. They must be feeling better now.

Roubini, just like any other no-coiner, wanted to support his position providing some invalid arguments such as bitcoin isn't backed by anything or it's used mainly by criminals or energy inefficiency. Alright, now that he admitted defeat, let's move on. I can't stand the moment when Schiff will make a positive comment instead of showing his hate.

I created a thread about him and his quotes over the years, he has been a staunch
critic of Bitcoin.

Dr.Doom - Most crypto people are totally clueless (https://bitcointalk.org/index.php?topic=5312909.msg56211116#msg56211116)

The thing is since the worlds financial stimuli reactions to the financial effects of
COVID-19 its clear that the only safe haven for wealth is Bitcoin, traditional FIAT
based investors see this NOW. Like many they couldnt see it before 2019.

It is always great to see bitcoin haters abandon their stance. And it is not just this guy. Damn, even my father in law is now interested in bitcoin. Nouriel is a renowned Economist, so sooner or later he would have to recognise cryptos are a financial reality that is inseparable from the future. Not doing so would be like not having a degree in economics.

I wouldn't go as far as claiming Roubini's most recent statement about Bitcoin is enough to conclude that the man has indeed changed his stance on Bitcoin. I don't think he is now embracing Bitcoin. But it is pretty normal it seems for many Bitcoin critics to drop a positive comment or two about the technology or some statements which suggest they are not really 100% anti-Bitcoin. Jamie Dimon, for example, would praise the technology behind Bitcoin. Peter Schiff, on the other hand, said he might buy Bitcoin if he knew how things turned out for it years later. Somehow, these are clues that these people are not really hating Bitcoin to the bones.

Hahaha I believe that you’re giving too much credit. OR, he simply didn’t understand how the whole system works/has been working, and he simply didn’t see the importance of a censorship-resistant alternative currency that could never be brought down. 8)

Yep. Closely followed him at the time of his peak publicity as well, watching a crap ton of YouTube videos about his debates/arguments against bitcoin because I was actually looking for good arguments against Bitcoin to balance my bullishness. Welp, the dude just repeats "scam", "ponzi", "tulips", and other empty arguments. The dude talks a lot without actually saying anything at all.

Judging by the comments, it seems I'm the third person that didn't know anything about him ^{[prior to the creation of this thread]}, and based on what I've read ^{[aoluain's thread (https://bitcointalk.org/index.php?topic=5312909.msg56211116#msg56211116) and a couple of other articles from the internet]}, he doesn't deserve all these attentions.
^{- Can someone explain to me the difference between him and other known clowns [e.g. cough...E...cough...M], apart from their background/field?}

---

I tried my best to find a video or full transcript of the event, but had no luck other than the following quotes:
^{- Despite reading only a few related articles, I still noticed the repetitive comments [e.g. opening line]!}

• Quote from: https://www.thenationalnews.com/business/money/2021/10/13/cryptocurrencies-are-too-volatile-to-be-called-a-currency-nouriel-roubini-says/
  Cryptocurrencies are not a unit of account and calling them currencies is a “misnomer”, top economist Nouriel Roubini has said,
  ~Snipped~
  “Cryptocurrencies may have an asset value but based on my definition they are not currencies. That’s a fact,” Mr Roubini, chairman of New York-based consultancy Roubini Macro consultancy and well known for predicting the subprime mortgage crisis in the US and the subsequent 2008 global financial crisis, told the Alternative Investment Management Summit (AIM) in Dubai, on Tuesday.
  
  “If something is volatile [at] 5 to 10 per cent, [it] cannot be a currency. A currency has to have a stable value relative to the price index of goods and services.”
  ~Snipped~
  Cryptocurrency “is not a basis for payment system and whether it is secure or not, we don’t know”, Mr Roubini, who has been a vocal critic of cryptocurrencies, said during the panel session.
• Quote from: https://www.arabianbusiness.com/alternative-assets/469810-why-cryptocurrencies-are-not-currencies-according-to-leading-expert
  Roubini also shared his view on how bitcoin cannot be a hedge against inflation, stating: “If you want to add traditional hedges against inflation, you go to TIPS, inflation-linked bonds, gold and precious metals, and forms of real assets, such as real estate…. There is a whole spectrum of assets that are low volatility and traditional stores of value against inflation.”

There is only one difference between him and the others, he got the nickname Dr.Doom (for a reason) and the others didn’t deserve it. Because of this, he became famous, although many who do not follow the world economy have certainly not heard of him, but the average man has no interest in such things anyway.

Yea he is still touting "Traditional assets" which I'm sure some will work, like Real Estate.
It must be difficult for these anti-Bitcoiners to roll back and contradict their previous
statements as @mk4 posted "Scams" "ponzi" and "Tulips"

@SFR10 - There are/were a few more anti-Bitcoiners which I highlighted on various threads,
I'm  sure you know them.

Jamie Dimon & Tulip Bulbs (https://bitcointalk.org/index.php?topic=5310409.msg56126516#msg56126516)

Warren Buffett & "Rat Poison" (https://bitcointalk.org/index.php?topic=5308822.msg56078482#msg56078482)

May be he turned his thousands into millions in short span of time. Lolz. I mean what could be the reason for such high class economist? The good faith comes in when your statements get wrong over and over again. The only way he started believing the bitcoin would have been through years of study getting wrong each time bitcoin valued more. To get the value something needs to be invested, traded and exchanged for things. In case of bitcoin no one believed in its utility use. However, Bitcoin is as good as Fiat since it’s been used for legal tenders to illegal criminal activities and what not. That’s why it’s getting valued every year.
This is the point where every economist should start thinking out of the box, just like the creator did a decade and couple of years ago.

Let me tell you one thing about Nouriel Roubini and people like him, he will promote anything including potatoes and old sox if someone invites him and pay him to come to their conference.
If I am not mistaken he was also in coingeek bsv scam conference in Zurich together with Craig Faketoshi Wright and organized by his friend Calvin Ayre:
https://coingeekconference.com/en/past-conferences/zurich-june-2021

There are many who have changed their anti bitcoin approach with growing prices and adoption like JP Morgan who claimed it to be fraud is now providing similar service to clients.So nothing surprise in this type of person changing their statements about bitcoin and you will see there will be many more who will come up with same statements favouring bitcoin.

In the end people who like to criticize Bitcoin will realize and admit that bitcoin has advantages. Now there is a lot of evidence that people who hold bitcoins from 2018 until now must have made a lot of profit.
If everyone has recognized bitcoin then bitcoin could easily become a global currency in the future.

It is good to know that he is changing his opinion about bitcoin. Honestly speaking, I didn't hear about him before seeing this post. And after that, I did research on Google about him. And after reading some articles and some blog posts, I saw that he is a big economist. And people are following him. His word has value to those people. So if he denied something, then it might be possible that those followers also denied the same things. But if he supports something and says something positive about something, then it is possible that the things can create hype. So I think because of him, we might see some investors very soon in bitcoin.

We can't neglect the fact that he may really have solid supporters or followers. And if he changed his stance towards bitcoin, his followers may also change their perspectives. This is an attestation that people can indeed change their outlook given the time has passed. He is now seeing that no matter what, whether economists are in or not, crypto will continue to prosper and especially with bitcoin, I believe, he didn't expect this value to achieve. If nothing else, this will give good vibes in his field. And some of his followers may be encouraged to participate in this market.

Wont really be that surprising with those critics back in the past towards bitcoin and they had changed up their thoughts and views considering that bitcoin hadnt really crashed down but the fact its price is almost hitting

its previous all time high which does significantly means that theres demand and recognition which do becomes even more stronger as the years passing thats why it isnt surprising that there would be change of

minds and thoughts towards it and the next one would be really just next in line and thats a unavoidable thing to happen.So expect that one in related to this.

The changing of no-coiners beliefs/stance might not be anything because of how much Bitcoin is currently valued by the market. I believe it’s them being a close observer of the phenomenon long enough, that they can’t deny the truth anymore. Bitcoin is simply a ground-breaking, technological masterpiece.

Fixed your post.