Nouriel Roubini: Centralism Disputes are Nonsense-Sat May 05

Nouriel Roubini, a well-known economist, has criticized Bitcoin and cryptocurrencies in a panel he participated in. At the Milken Institute Global Conference, Roubini said that all the discussions on decentralized systems are a nonsense (it was put in a nicer way). In response to his claim Bill Bardhydt, another panelist who works on cryptography in the CIA, said , “I don’t even know where to begin.”

After the predictions he made during the 2008 economic crisis, Roubini come to be known as “Dr. Doom” for some circles. Roubini, who made the forecasts for the cryptocurrencies stated that all these products were not worth any unit of value and that they did not contain anything in this sense. Also added, at the same time, the cryptocurrency was experiencing problems of scalability; therefore, it was very difficult for it to be a payment method.

Cryptocurrencies has the potential to rescue individuals from having to depend on big financial institutions

Another participant, Alex Mashinsky, CEO of the Blockchain venture named Celcius Network, stated cryptocurrency was a great potential. Mashinsky argued the cryptocurrencies has the potential to rescue individuals from having to depend on big financial institutions, while Roubini, who intervened at the time, said, “You’re just making stuff up.”

The General Counsel of the United States Treasury, Brent McIntosh intervened in the heated debate between the two, invited the panelists to calm down and said: “I may need to step in and regulate this panel.” 

In the meantime, Roubini, also known for his negative attitude towards Bitcoin and other cryptocurrencies, has forecasted in an earlier statement that with the introduction of legal regulations the air balloon that contains all the cryptocurrencies will blow up.

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