Ethereum Still a Long Way From ‘Fundamental Value’ of $0, Says Analyst

For some time now, Dr. Doom has been bashing cryptocurrency with his skepticism of several financial markets, including bitcoin.

Dr. Doom and Ethereum

It seems that Roubini’s (@Nouriel) hate has now extended to Ethereum. ETH is already down 90% from its $1,400 peak and is on a free fall looking to close on its 2018 low. As a result, Dr. Doom believes that ETH is in a lousy position but still remains miles from $0, which is its fundamental value.

Crypto-Apocalypse: Ethereum down 90% from the peak, in free fall and now close to the 2018 low. Still a long way from zero that is its fundamental value. Actually it is worth negative given all the toxic externalities of energy waste and pollution that its mining generates

— Nouriel Roubini (@Nouriel) November 27, 2019

He went on claiming that the value of Ethereum may eventually go negative given the toxic externalities of the energy waste alongside the pollution that’s generated from ETH mining. Talking about Bitcoin, Roubini stated that BTC has only but given rise to a new criminal industry that comprises paid propagandists, an army of scammers, and unregulated offshore exchanges.

Is There Any Truth?

In contrast to Dr. Doom’s claims, Ethereum’s price may not be showing much promise, but the project itself has. Recently, Ethereum received robust fundamental network developments. For instance, a Spanish bank, Banco Santander, issued the first end-to-end blockchain bond transaction earlier this year using Ethereum. Furthermore, the long-awaited Istanbul hard fork is fast approaching on December 4^th that will introduce six significant code changes to the blockchain. Also, earlier this month, fortune revealed that an Ethereum-based decentralized finance platform, that allows users to lend out as well as borrow assets such as USD Coin, ETH, and Basic Attention Token, secured $25 million. Consequently, everything still points out to the fact that, as much as Ethereum is in a fragile position, things on the ground are positive as its adoption keeps growing steadily.

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