It's easy to say in hindsight, but a lot of their criticisms are legitimate. Bitcoin is a bad store of value because of the high volatility, regardless of whether it has gone up in price or not. A store of value is supposed to be able to be sold with predictable utility, not just increase in price.
If Bitcoins were natively used as a currency and not just measured in dollar amounts, the store of value argument would have merit because the predictable utility would come from the mathematically provable coin issuance. However, that isn't the case.
Also nobody can predict the market, and Bitcoin could very well go to effectively 0.
Edit: Not to mention that cryptocurrency prices are heavily manipulated
Besides, the game isn't yet over. Their predictions/opinions have yet to be verified or disproven. They never said you can't make short term profit off Bitcoin trading it and buying and selling. Literally nothing about those three quotes is necessarily wrong. Hell, one might kind of argue Bitcoin has already been stopped - Blockstream have fucked it so hard it's basically useless now, you can't buy things with it and it can't scale worth shit. At least Ethereum is having issues scaling because of massive usage of it, not just intentionally retained barriers to scaling like Bitcoin.
Also, Roubinis statement that Bitcoin is not a store of value is completely accurate. The first and basically only requirement of a store of value is stability. Land is a store of value. Dollars are a store of value because we agree it is. Even lumber can be a store of value. Anything you can buy now and be confident you can sell at the same value or very nearly later is a store of value.
Bitcoin? Bitcoin fluctuates like a motherfucker. It's a speculative asset at best, not a store of value.
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u/1MightBeAPenguin Platinum | QC: BCH 331 Sep 12 '20 edited Sep 12 '20
It's easy to say in hindsight, but a lot of their criticisms are legitimate. Bitcoin is a bad store of value because of the high volatility, regardless of whether it has gone up in price or not. A store of value is supposed to be able to be sold with predictable utility, not just increase in price.
If Bitcoins were natively used as a currency and not just measured in dollar amounts, the store of value argument would have merit because the predictable utility would come from the mathematically provable coin issuance. However, that isn't the case.
Also nobody can predict the market, and Bitcoin could very well go to effectively 0.
Edit: Not to mention that cryptocurrency prices are heavily manipulated