Stern Professor Says Bitcoin Will Hit Zero After 70 Percent Drop, Illogical Argument

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.

Roubini argued that Bitcoin would fall to zero because it fell 70 percent in the past eight months and there exists no possibility of the dominant cryptocurrency recovering.

In its nine-year history, Bitcoin has fallen by more than 80 percent on three occasions, all of which ultimately led it to recover beyond previous all-time highs.

In 2013, for example, Bitcoin experienced an 83 percent correction from its all-time high achieved in 2012.

After a mid-term recovery, in 2015, Bitcoin experienced yet another 87 percent correction and reached $19,500 in 2017.#bitcoin.

2012: New ATH2013: 83% correction from ATH2013: New ATH2015: 87% correction from ATH2017: New ATH2018: 71% correction from ATH. Bitcoin has yet to make a new ATH without a greater than 80% correction.

The history of the Bitcoin market clearly demonstrates that.

Roubini's argument that Bitcoin will hit zero solely because it has dropped by more than 70 percent is inaccurate.

If history is any indicator, Bitcoin is highly likely to achieve a new all-time high next year, given its price movement since 2012.Why Are Banks Facilitating Demand From Institutions?

If gold's secondary use case is its applicability in jewelry, for example, then Bitcoin or Ethereum's secondary use case is their ability to process information in a decentralized manner, opening the ecosystem to decentralized applications and systems.