{"id":16664,"date":"2023-01-20T05:28:36","date_gmt":"2023-01-20T05:28:36","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/nyu-professor-dr-doom-says-99-of-crypto-is-a-scam-tells-investors-to-absolutely-stay-away-featured-bitcoin-news\/"},"modified":"2023-01-20T05:28:36","modified_gmt":"2023-01-20T05:28:36","slug":"nyu-professor-dr-doom-says-99-of-crypto-is-a-scam-tells-investors-to-absolutely-stay-away-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/nyu-professor-dr-doom-says-99-of-crypto-is-a-scam-tells-investors-to-absolutely-stay-away-featured-bitcoin-news\/","title":{"rendered":"NYU Professor ‘Dr. Doom’ Says 99% of Crypto Is a Scam \u2014 Tells Investors to ‘Absolutely Stay Away’ \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that \u201c99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.\u201d He advised investors to \u201cabsolutely stay away\u201d from crypto, claiming that most people in the crypto space are \u201call crooks.\u201d<\/strong><\/p>\n

Dr. Doom Warns Nearly 100% of Crypto Is a Scam<\/h2>\n

Economic professor Nouriel Roubini, aka Dr. Doom, warned about cryptocurrency in an interview with Yahoo Finance Live Wednesday at the World Economic Forum in Davos, Switzerland.<\/p>\n

Roubini is a professor of economics and international business at New York University (NYU) Stern School of Business. He also serves as chairman of Roubini Global Economics, a global macroeconomic and market strategy research firm that he co-founded. He told the news outlet:<\/p>\n

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Literally, 99.99% of crypto is a scam, a criminal activity, a total real-bubble Ponzi scheme that is going bust.<\/p>\n<\/blockquote>\n

Dr. Doom also shared his opinion on the collapsed crypto exchange FTX and its disgraced founder Sam Bankman-Fried (SBF). FTX filed for bankruptcy<\/a> last November and SBF is currently facing several fraud charges<\/a>, all of which he has pleaded not guilty<\/a> to. \u201cFTX and SBF are not an exception \u2014 they\u2019re a rule,\u201d Roubini exclaimed.<\/p>\n

The NYU professor proceeded to advise against investing in cryptocurrencies. He stated that 99% of bitcoin investors did not buy BTC<\/a> at $1,000 or $10,000. \u201cMost of them got FOMO [fear of missing out] in 2021 when it was skyrocketing from $20,000 to \u2026 $69,000,\u201d he stressed, emphasizing that 99% of bitcoin investors bought the cryptocurrency \u201cwell above the current market value.\u201d<\/p>\n

Roubini opined, \u201cSo they lost their shirts. It\u2019s a nightmare.\u201d Dr. Doom noted that bitcoin investors are not alone in losing money as other cryptocurrencies \u201chave fallen by 90%, 95%.\u201d He added: \u201cOut of 20,000 ICOs [initial coin offerings], officially 80% were a scam and another 17% have gone to zero. So that means 97% of them \u2026 were either a scam or lost everything.\u201d<\/p>\n

Regarding crypto investing, Roubini advised:<\/p>\n

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You have to stay away. You have to absolutely stay away. And most of these people belong literally in jail \u2014 literally, they\u2019re all crooks.<\/p>\n<\/blockquote>\n

The NYU professor of economics has long been a vocal critic of cryptocurrencies, claiming that most crypto proponents are conmen. He called Binance CEO Changpeng Zhao (CZ) \u201ca walking time bomb.\u201d<\/p>\n

Recently, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, warned that most crypto tokens will fail<\/a>, urging investors not to FOMO into this asset class. Meanwhile, a former SEC enforcement official, John Reed Stark, cautioned that an SEC regulatory onslaught<\/a> is just beginning.<\/p>\n

What do you think about NYU Professor Nouriel Roubini\u2019s crypto warnings? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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