Cryptocurrency News

Is Nouriel Roubini changing his tune on BTC?

By November 11, 2020 No Comments

Key highlights:

  • Prominent Bitcoin critic Nouriel Roubini might be softening his stance on Bitcoin
  • Roubini admitted that Bitcoin partially functions as a store of value
  • MicroStrategy CEO Michael Saylor was previously bearish on BTC but has since invested $170 million in Bitcoin

Nouriel Roubini, a professor at New York University’s Stern Chool of Business, is one of the most prominent critics of Bitcoin. Roubini has been on a warpath against Bitcoin for years, and he believes BTC is related to internet frauds and criminal activities. He considers blockchain as a theoretical concept that is not practical.

Roubini has had many arguments with individuals from the cryptocurrency industry – one of the most notable examples of this was his debate with former BitMEX CEO Arthur Hayes.

However, it seems that Roubini has slightly softened his tune regarding Bitcoin recently. He still believes Bitcoin is not a phenomenon that remains but acknowledges its property for storing value. He contemplates that this store of value property is not complete, but partial.

A change in Roubini’s approach

Roubini’s statements in an interview on November 6 showed a sort of change in his approach regarding Bitcoin. Previously, he had called BTC a joke, and he didn’t believe in its ability as a store of value. But it seems that he has softened his position in this recent interview.

It’s not apparent why he has shifted his position, but he emphasized that he observes a sort of value in Bitcoin’s algorithm. He talked about halving events and reducing miners’ rewards and acknowledged some importance for Bitcoin’s algorithm.

Roubini noted that BTC is more stable than other cryptocurrencies, and its capability to store value is better. He thinks Altcoins are being devalued at a faster rate than fiat currencies.

Who will change their position next?

While Roubini’s statements were not in support of Bitcoin, it was a shift in position from one of Bitcoin and Blockchain’s most prominent critics.

Previously, we’ve observed many Bitcoin bears change their position over time. One such example is Michael Saylor, the CEO of MicroStrategy. Saylor made a complete turn in his stance on Bitcoin, and his company has invested $450 million into the world’s largest cryptocurrency.

Saylor is now one of the most prominent figures who defend cryptocurrencies in social media and interviews. He is optimistic about the future of Bitcoin and other cryptos, and he has bought $170 million of Bitcoin, which is a notable figure. Who will be the next Bitcoin bear to change their position?