Nouriel Roubini back to old ways; says crypto-industry is ‘full of scammers and small criminals’

  • 06 July 2019, Saturday, 10:00

Bitcoin and the rest of the cryptocurrency market have always been subject to scrutiny and abject criticism by its critics. These comments have not just targeted major coins like Bitcoin and Ethereum, but almost all other digital assets on the charts as well.

Such criticism was put in spotlight again when Nouriel Roubini aka Dr.Doom, spoke at a recent Economics conference in France, where he tried to popularize his idea that Bitcoin was “for scammers.” He started by commenting,

“Cryptocurrencies and all the digital assets are modern bubbles that went bust. In my opinion, blockchain technology is the most overhyped tech in human history. There have been no advantages provided with the invention of this technology.”

Roubini shot to fame after he was one of the first economists to predict the financial crash of 2008. The economist further added that the cryptocurrency hike in 2017 and the crash in 2018 were examples of the volatility of digital assets and how unreliable they are. In his words,

“There are so many scams in the cryptocurrency world. The world has never seen such an industry where scammers, small thieves and dealers can survive so easily. This is why I say that the cryptocurrency market is worse than all the drug pushers of the world.”

He also continued his attack on Bitmex CEO Arthur Hayes, who he had called out previously for “dealing with degenerate gamblers.” Roubini pointed out several problems he had with the trading platform and Arthur Hayes’ business model in Bitmex. According to Roubini, the 100x leverage that Bitmex provides to traders is nothing but a ploy by the organization to steal money from the public.

This is not the first time that Dr.Doom has publicly attacked someone with his comments as Binance CEO CZ would rightly tell you. CZ was also in Roubini’s target recently when the cryptocurrency critic stated,

“The most pathetic critique I have heard about me is from this jerk @cz_binance; I was chosen as the 3rd most influential person in the world in the crypto space coz I am the only honest critic of this shitty space who isn’t talking his book 24/7 the way you do snake oil peddler”