Dr. Doom Thinks Crypto Is 99% Scam — Tells Investors to ‘Absolutely Stay Away’
Everyone has heard of Dr. Doom before, but recently, the NYU professor took his nick-name to its absolute limit after claiming over 99% of all crypto is a scam. In his words, he advised investors to “absolutely stay away” from the crypto markets.
It’s no surprise that he made some people shake their heads in disbelief, but then again that’s what makes Dr. Doom so interesting. Let’s take a look at what made him come to that outrageous conclusion.
The Volatility of Crypto
One of the major qualities of crypto that concerns Dr. Doom is its volatility. He believes that too much of it will ultimately lead to a surge of losses, no matter how much potential a certain currency might have. Without proper risk mitigation or investment strategies, investors could easily find themselves in a troublesome situation.
A Lack of Proper Regulation
Along with its wild volatility, there is also a lack of proper regulation of the crypto markets which adds to the investor’s risk. According to Dr. Doom, this lack of regulation creates a void in which fraud and scams can thrive in, further pushing investors away.
Buying Crypto is Like Gambling
We all know that the crypto markets are no different from the stock market or currency exchange; you buy and sell at certain prices to make money. But with crypto, it seems like more of a gamble than anything else. Dr. Doom believes that the average investor doesn’t truly understand the crypto markets and most of them are just buying what looks good and hoping for the best. Like any game of chance, the odds won’t always be in your favor.
It’s Not Too Late
Even though there’s seemingly more bad news than good for crypto investors these days, it’s not too late to get in if you know what you’re doing. Dr. Doom recommends that investors:
- Do their own research.
- Understand the markets and the risks.
- Develop a good strategy.
If done correctly, investing in crypto could be a rewarding experience, just don’t go in blind.
At the end of the day, Dr. Doom’s attitude towards crypto should be taken with a grain of salt. Do your own research and don’t panic just yet. After all, it’s 99% a scam, not 100%.
