This is the exact text of the interview Dr. Doom. He became famous by predicting precisely the world economic crisis in 2009, but I feel he does not seem to like cryptocurrency and blockchain. I think cryptocurrency and blockchain is still very new. This market still has many fraudulent acts. But we can not deny the potential and value that blockchain will bring. Tell me your opinion about Blockchain, is this technology really useful or is it overblown as Dr.Doom says.
“I'm not against [it], I'm open to any type of innovation, but I'm an expert on financial crises and asset bubbles. And I became famous [by] predicting the global financial crisis — the burst of that bubble.
I can see a bubble when there is one — and to me, this entire space has been the mother and the father of all financial bubbles and now it’s [going to] burst
Last year, almost everybody I knew was asking me every other day, “Should I buy Bitcoin?”
And the price of Bitcoin doubled, tripled, quadrupled, and went to $20,000. And when that bubble burst, it collapsed — collapsed from $20,000 down to $6,000 today (at the time of the interview).
If you bought it at the peak, you lost 70 percent of your value. And it's typical of all these financial bubbles: They go up until they collapse. And Bitcoin is actually the best [example], because the average cryptocurrency has lost, in the last nine months, more than 90 percent of their value.
I spoke about the bubble existing and this bubble going bust. And guess what? In the last year, [it] has gone bust. So I think I've been vindicated and proven right.
Bitcoin could go to the moon or zero, I'm not going to make a penny either way because I'm neither short or long.
And I'm just an academic that speaks his mind. And I saw a big bubble, and I think that it's fair as an intellectual to discuss these things and then figure out what's going wrong.”
"The technology behind coding is seen as a remedy for all problems in the world, including poverty, famine and even illness. Blockchain is the most infamous and least useful technology in human history. In fact, it is nothing more than a spreadsheet or database to be honored"
See more:
https://cointelegraph.com/news/nouriel-dr-doom-roubini-99-percent-of-cryptocurrencies-are-worth-zero
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