Enter 2021.01.16 06:00
Professor Nouriel Rubini said on his personal Twitter on January 8th, “January 15th is coming,” and “the bubble in bitcoin on this day will burst.” However, he did not present the reasons and grounds for pointing to January 15th.
However, interest in the industry is growing in that he is the first to mention a specific date like this one. In a 2006 lecture on the International Monetary Fund (IMF), Professor Rubini predicted a recession, citing the credit crisis and the bubble in the housing market as an example. Two years later, the global financial crisis became a reality, and he gained global recognition.
Some of the industry argues that the reason Professor Rubini pointed out on the 15th is to listen to the market manipulation issue of the US dollar-linked virtual asset tether (USDT) and observe the relevant investigation process. Currently, the New York Prosecutors’ Office is investigating that the issuer of USDT, Tether, manipulated the price of virtual assets. It is alleged that the issuance of USDT was arbitrarily controlled without sufficient deposit. Tether parent company ifinex is required to submit relevant evidence to court by the 15th.
In fact, Bitcoin fell close to $10,000 over the weekend, right after his prediction. Regarding this, Professor Rubini said, “The price of bitcoin has dropped by about 25% in two days.” He added, “It is the most speculative and dangerous asset in history,” he added. “Considering the impact of bitcoin mining on environmental pollution, its value is not even ‘0’,” he added. “It is only a terrible environmental disaster.”
Risky asset recognition still remains vs. institutional market
However, the situation reversed again. As if laughing at his prophecy, Bitcoin rebounded sharply. Bitcoin, which soared to 48.55 million won in domestic transactions a week ago, fell to 35 million won during the intraday this week, and then entered the 42 million won range again.
Traditional financial sectors are raising their voices of blame for Bitcoin’s price volatility. This is because Bitcoin is an unregulated risky asset that has risen or declined.
“Virtual assets, including bitcoin, are speculative assets,” said Christine Lagard, the head of the European Central Bank (ECB). . In 2018 alone, he said, “Virtual real estate is suitable for frequent transactions and small-scale transactions across borders,” and he is a person who has raised the possibility as a payment method.
Meanwhile, in the domestic virtual asset industry, the opinion that it is difficult to realize Professor Rubini’s argument is dominant. It is predicted that there will be no sharp decline as early in 2018 as certain institutional funds have been collected in the bitcoin market.
An official in the domestic virtual asset industry who requested anonymity said, “If it falls significantly, it will go through a 30% adjustment period,” and predicted that “there is rarely a piece of paperwork like 2018 because of institutional funds.”
Reporter Kim Yeon-ji [email protected]
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