Even though many in the cryptocurrency industry continue to predict ambitious prices for bitcoin in 2019, some outsiders believe the asset is only ending towards total collapse in 2019.
According to Larry Berman, who’s had over 30 years of industry experience in the investment space, bitcoin and cryptocurrencies are going to end badly next year.
It’s the tradition of the Berman to make investments and economic predictions every year. He calls it the Berman’s Call. He uses his last show of the year to forecast what the coming year. Last year, on December 18, he correctly predicted that the price of bitcoin was going to burst.
“I’ve been calling it a fraud since the beginning. I maintain my view that these are all worth closer to zero and it’s the biggest Ponzi scheme the world has ever seen. There is still 90 per cent more downside from here,” he explained on his show.
Earlier in the year, three of the most respected economists in the world – Kenneth Rogoff, Nouriel Roubini, and Joseph Stiglitz – repeated their past criticisms of bitcoin, saying governments will regulate it “into oblivion” in an effort to fight money laundering and tax evasion.
Harvard professor and renowned economist Kenneth Rogoff, argued that the bitcoin price “will collapse,” due to continued regulatory pressured from governments. He wrote in the Guardian in October that “in the long run, the technology will thrive. However, the price of bitcoin will collapse.”
Nouriel Roubini, a New York University economist, known as “Dr. Doom” for predicting the financial crisis also dismissed the cryptocurrencies. He called it “bulls–t” during a panel discussion at the annual Milken Institute Global conference in Los Angeles. He has come under heavy criticisms from the crypto world since then.
Stiglitz is a Columbia University professor and Nobel Prize-winning economist. He says he can’t find any useful function for bitcoin and advises the government to regulate it away.
Stay updated with Coinpedia latest news, enjoy reading!