'Dr. Doom' Bitcoin Prediction: 'Nuts' Will Hold Until Market Crashes To Zero

While Bitcoin continues its downward spiral, investors are wondering if it’s time to jump out or wait for the price to bounce back. Economist Nouriel Roubini has made his view of the situation clear: he believes Bitcoin will fall all the way to zero.

Roubini, the chairman of Roubini Macro Associates, tweeted his pessimistic outlook for the future of Bitcoin—one in which the cryptocurrency continues plummeting and never bounces back.

“Bitcoin crashing now to $6,100. And the U.S. Hearing on cryptoscams is only a day away. So a $5,000 handle looks highly likely unless the crypto-manipulation gangs starts pumping and dumping or wash trading again,” Roubini said.

The economist also provided a piece of advice directed to Bitcoin investors who have bought into the common concept of “HODL”—a misspelling of “hold” first posted on a popular Bitcoin forum that quickly spread as a mantra through the community—that encourages riding out rough periods.

“HODL nuts: be ready for a 75 [percent] loss from recent peaks,” Roubini warned . “HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run.”

Roubini’s outlook for Bitcoin is not new—the economist has been hammering the cryptocurrency for years and has recently referred to Bitcoin as “biggest bubble in human history.” In an interview with Bloomberg last week, he said the recent downturn in the cryptocurrency markets indicates the “mother of all bubbles” is finally crashing.

The negativity expressed by Roubini likely does not come as a surprise to those familiar with the economist’s analysis. Over the years, Roubini has earned the nickname “Dr. Doom” for his often gloomy view of the economy.

Despite Roubini’s doom and gloom—and a hearing Tuesday in which top regulators in the United States encouraged forming government regulation for cryptocurrencies—Bitcoin investors seem to be remaining resilient, believing the cryptocurrency will eventually bounce back.

Some members of the Bitcoin community on Reddit pushed back against Roubini’s comments. “There are enough of us ‘nuts’ to keep the price well above zero, even if all the whales dump. I expect whales like the Winklevoss twins to HODL, for example,” one user said .

Another user insisted that even if Bitcoin never catches on as the digital currency it was promised to be, it would still maintain some value and would never hit zero. “If Bitcoin ever lost any and all utility it would still have great value in the form of ‘digital art.’ People pay for and collect paintings and sculptures that define ideas and eras. What better defines our time than Bitcoin?”

Others brought up Roubini’s history of predictions to dismiss his take on Bitcoin. “This dude made one correct prediction, over 10 years ago. I think he even try starting his own hedge fund which went belly up,” one user wrote .

Another admitted that the economist made some valid points in his argument and confessed to being one of the so-called “HODL nuts” that Roubini derided. “In a way, he's not wrong. I'll ride this bitch all the down to hell if I have to,” the user said.