Bitcoin: The Worst Manipulated Asset?

An American economist, Nouriel Roubini, also known as “Dr. Doom,” recently criticized Bitcoin as a highly manipulated asset.

He compared the current rise and decline in the cryptocurrency’s price to the last drop in a series of tweets that left retail investors confused after buying Bitcoin at a high price.

He again argued that the crypto doesn’t have fundamental intrinsic value.

Nouriel Roubini states that whales control Bitcoin.

As Bitcoin suffered about a 13% decline from recent highs, Roubini argued that Bitcoin rallied due to FOMO hovering around the retail investors. The whale investors took advantage of the market by putting large amounts of coins on the retails, which resulted in the massive decline in Bitcoin price.

Roubini says that this rise and fall of Bitcoin price is “the same scam of retails suckers with FOMO being duped by manipulative whales.”

Retail suckers with massive FOMO have been jumping again into BTC as they did in late 2017 when price went from 10K to 19K only to crash down to 3K in 2019. Only winners were the manipulative whales that dumped their BTC to the retail suckers & led to its 85% price fall. 10/n

— Nouriel Roubini (@Nouriel) November 26, 2020

BTC has no intrinsic value

Roubini said that Bitcoin doesn’t have any fundamental intrinsic value. It can’t be used to pay taxation; it is not a legal tender. He also argued that the cryptocurrency volatility makes it risky for the merchants to use, as Bitcoin price might drop even before its currency conversion. Bitcoin is not a “scalable means of payments. It’s toxic for the environment as POS hogs enormous amounts of energy & pollutes the earth.”