Quick take:
- Professor Nouriel Roubini has classified Bitcoin as the most manipulated asset ever
- This is after BTC dropped hard from $19,400 to $16,300
- He explained that retail traders were hoodwinked by whales and ‘shafted as in 2018’
- Timothy Peterson agrees that Bitcoin is manipulated
- According to Professor Roubini, investing in Bitcoin is like taking your portfolio to a rigged casino
Bitcoin’s Dr. Doom, Professor Nouriel Roubini, has once again classified Bitcoin as being ‘the most manipulated asset ever’. His statements regarding Bitcoin were made after the King of Crypto fell from $19,400 to the $16,300 price area in less than 48 hours. According to Prof. Roubini, retail traders were once again lured into the market by manipulative whales in a situation similar to 2018.
13% down. Most manipulated asset ever. As I said the higher it goes the harder it will fall. FOMO-salivating retail suckers hoodwinked by manipulative whales will get shafted as in 2018!
Timothy Peterson, of Cane Island Alternative Advisors, put aside his differences with Professor Roubini, to agree that Bitcoin is indeed manipulated. His comments can be seen in the following Tweet. Mr. Peterson has published a paper on Bitcoin’s price manipulation which is available online for further study.
I don’t like this guys views normally but he is right about this. https://t.co/rt1TRmhJUr
— Timothy Peterson (@nsquaredcrypto) November 26, 2020
Bitcoin is Like Taking Your Portfolio to a Rigged Illegal Casino – Dr. Doom
Professor Nouriel Roubini went on to post a twelve-part Twitter thread in which he cautioned retail traders against being duped by manipulative Bitcoin whales.
Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value. It is heavily manipulated: look at the investigation of Bitfinex by US law enforcement.
Key to his argument is that Bitcoin is not a currency and that it is highly manipulated using Tether. Furthermore, Bitcoin is not an asset and has zero intrinsic value. He compared owning Bitcoin to taking your portfolio to a rigged illegal casino.
…Tether is used to manipulate the Bitcoin market. And look at the recent indictment of BitMex and his criminal CEO & gang. It has no intrinsic value, it is not backed by any asset, it is not legal tender, it cannot be used to pay taxes.
[Bitcoin is] Not scalable means of payments. It’s toxic for the environment as POS hogs enormous amounts of energy & pollutes the earth
Bitcoin is not an asset as it has ZERO intrinsic value…So it is a pure speculative manipulated “asset” & bubble with no fundamental value. It is not even an hedge against risk off episodes: every time stocks go down, bitcoin falls much more.
Investing in BTC is equivalent to take your portfolio to a rigged illegal casino & gamble; at least in legit Las Vegas casinos odds aren’t stacked against you as those gambling markets aren’t manipulated the way BTC is. Instead BTC is manipulated heavily by Tether & whales.
