Nouriel Roubini Tones Up His Attack Against Bitcoin at the 2019 Blockchain Economic Forum
Nouriel Roubini aka Dr. Doom is one of the biggest critics of cryptocurrencies. He came into international limelight when he had predicted the 2008 financial crisis. Now, almost 10 years later, he has done almost nothing of relevance. In fact, he stays in the news cycle taking cheap shots at cryptocurrencies and blockchain in general.
Recently, at the 2019 Blockchain Economic Forum in Davos, Switzerland, Roubini spoke on a one-person panel. This was deliberately done so that no one could challenge his anti-blockchain rhetoric which. He went on to show off that he was right about the year-long crypto bear market.
Not only that he gave extremely polarising views calling Bitcoin the mother of all bubbles and blockchain being nothing more than a “fancy database.” He stated:
“I do believe there is going to be a revolution in financial services. That revolution is called fintech. But my reading of fintech is that it has nothing to do with blockchain, and nothing to do with crypto.”
One can exactly know how ignorant Roubini is about cryptocurrencies by listening to his following statement:
“They’re not a unit of account. They’re not a means of payment, and they’re not a stable store of value. You cannot have something that is scalable and decentralized and secure.”
Blockchain proponents on Twitter called out Roubini for his misinformed stance.
"The idea that you could just tokenize everything is total nonsense. Even the Flintstones had a better understanding of economics than the current crypto space. "
— Etiënne vantKruys (@hettalentctc) January 25, 2019
Roubini is very active on Twitter. Just last month he wrote a tweet in which he says that cryptocurrencies are part of the most manipulated financial market in all human history.
He even said things about people from ConsenSys that seemed very heartless. When ConsenSys had fired 60% of their employees, he stated:
“ConsenSys firing only 60% of employees? It will soon be 99%. Have NO sympathy for those fools who left real jobs in tech for fake quick riches.”