As „Dr. Doom “well-known crypto critic Nouriel Roubini fires again against Bitcoin and the crypto industry.
Well-known Bitcoin critic Nouriel Roubini is convinced that the crypto regulation of Joe Biden’s government will be much stricter than that of Donald Trump.
In a heated Twitter debate on Christmas Eve, Roubini described the entire crypto community as a „pile of dirt“. The economist, who works as a professor at the renowned New York University, is known for his severe criticism of the industry.
Roubini fires at Chervinsky
Roubini made the corresponding statements in a reply to the lawyer Jake Chervinsky, who publicly dealt with the latest reports that the American government agencies want to build anti-money laundering (AML) and information gathering (KYC) mechanisms directly on the blockchains of stablecoins.
Legal expert Chervinsky believes, however, that there is “no chance” that such a law will be implemented and then enforced. Accordingly, it would rather reflect the “personal wish” of Treasury Secretary Steven Mnuchin, who is currently still in office in Donald Trump’s administration and will soon be replaced by the politician chosen by Joe Biden, Janet Yellen.
“You suffer from a loss of reality,” as Roubini then replied to Chervinsky. Then he added:
“Biden’s team, first and foremost Janet Yellen, who was my boss on the State Economic Council (CEA), will fight the criminal crypto rubbish known for tax evasion and avoidance of AML and KYC much more than Mnuchin. Find yourself a real job, because you are just a handyman for the crypto industry. “
Crypto industry is caught in the crosshairs
The crypto critics received confirmation of their negative stance this week when the US Securities and Exchange Commission filed a comprehensive indictment against the crypto payment service provider Ripple. Its company’s own cryptocurrency, XRP , then crashed by 60% .
Market leader Bitcoin has so far been unaffected by the blow against the fourth largest cryptocurrency, but surveys nonetheless show that many crypto investors see possible government bans as a great danger to the long-term success of Bitcoin.
Bitcoin advocates see this as impossible. In their opinion, the only way to dampen the demand for decentralized cryptocurrencies is to create a completely free market that is tied to a gold standard. A scenario that will probably never occur again.
„Bitcoin cannot simply be banned“, as Saifedean Ammous , author of the book „The Bitcoin Standard“, stated in this context last year. In this regard, he stated:
“If people want to use cryptocurrencies, they will find a way. If you want to prevent that, you have to remove the incentive for it. This would work best if a completely free market was linked to a gold standard. “
The hit rate for Roubini’s crypto criticism has been poor so far. As the price data show, the economic expert’s criticism has come several times in the past at times when Bitcoin has hit a low. The professor is therefore an “involuntary” indicator of good buying opportunities.
Peter Schiff, who is also a prominent critic of Bitcoin, is often similarly wrong .