"Nouriel Roubini, a Stern School professor and prominent economist, has criticized the major correction of Bitcoin and the rest of the crypto market, claiming that Bitcoin will drop to zero.
Tales From Crypt-Apocalypse: Bitcoin has lost 70% from the peak; Ethereum 85%; other Top 10 crypto-currencies about 90%; the remaining crypto-zombie-currencies between 95% & 99% of their value. It is a bloody massacre that will continue as almost all of them are worth ZERO!
— Nouriel Roubini (@Nouriel) September 6, 2018"
I think it will not work like that.
Is this dude a Nassim Taleb of Bitcoin?
When 99% of shitcoins die in a year or so, this professor will claim that his prediction was actually quite to the point provided he had set the date for it to come true or fail in the first place. While I for one don't see cryptocurrencies as a viable substitute for fiat currencies (conceptually), there is still a need and demand for currencies which are not tied to any government and thus not exposed to third party risks. Gold is okay in this respect, but you can't transact with it electronically, so there is a need for something like Bitcoin. Bitcoin itself may get run over by another cryptocurrency but if this didn't happen in the previous 5 years (the time span when altcoins have been sticking around), the chances of it dying by being replaced with another cryptocurrency look pretty slim to me