Anti-Bitcoin, who foreshadowed the US crises of the early 2000s, said in his new prophecy that “the worst is coming”.
What Nouriel Roubini said in 2021
Noting the massive pollution caused by mining in early 2021, Nouriel Roubini warns of the catastrophic collapse. The expert is known for writing about Bitcoin on Twitter at that time. Here’s what Nouriel Roubini had to say about Bitcoin in early 2021:
Bitcoin (BTC) fell 25 percent from $41,000 to $31,000 in two days. It fell 15 percent in 24 hours. The most speculative, risky, fraudulent and manipulated pseudo-entity in human history. Its true value is still negative, not even zero, given the huge pollution caused by mining. A terrible environmental disaster!
Bitcoin drops 25% from 41k to 31K in 2 days. 15% down in 24 hours. Most speculative, risky, scammed & manipulated pseudo-asset in human history. Its true value is still negative, not even 0, given the massive polluting externalities of its mining! A crappy environmental disaster!
— Nouriel Roubini (@Nouriel) January 11, 2021
Anti-Bitcoin announces Fed-induced collapse prophecy
The doomsday economist now has deadly inflation, unemployment and shrinking production among the expert’s main concerns. According to Roubini, we may see stocks fall another 35% in the coming periods due to the Fed’s hawkish decisions.
Roubini’s alarming predictions came in a recent eToro webinar. The expert said that to control inflation, the Fed may need to increase interest rates by 2 to 5 percent, but doing so will slow the economy and increase unemployment.
In addition, Roubini noted that aggressive borrowing by American households, businesses and other organizations over the past decade has been a result of rising interest rates. However, the Fed said that borrowing would become problematic if interest rates continued to rise.
The Fed will trigger the collapse
According to Roubini, the rate hikes necessary to control inflation will bring economic collapse with it. Thus, the collapse of housing, credit, private equity and other assets associated with the economic bubble will be inevitable. According to Roubini, price increases could likewise spiral out of control if the central bank stops fighting inflation as a result.
According to reports, Russia’s invasion of Ukraine is causing a crisis in the world’s food and fuel chains. Additionally, the Fed may have to plunge the U.S. economy into a deeper recession as it avoids due to persistent inflation fueled by the ongoing lockdown and international trade restrictions from the COVID-19 pandemic. Roubini stressed that he was concerned about a Stagflationary debt crisis since the worst supply shocks of the 1970s and that the global financial crisis brought on by too much debt is a very dangerous combination.
Stocks are experiencing a bear market rally
One of the few experts who accurately predicted the bursting of the US housing bubble in the late 2000s, the economist thought the current stock market recovery was likely a bear market rally. In addition, he warned that stocks could fall another 35 percent if the U.S. economy suffered a “hard fall” as a result of the Fed’s rate hikes.
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