Controversial Economist Set To Face Congress Over Cryptos
The Congress is exploring the cryptocurrencies ahead of enacting regulations. Regulations have been cited as the main reason behind slow uptake of cryptos.
Dr Doom To Tear Into Cryptos Before Congress
Top economist Nouriel Roubini is set to face the American Congress on Thursday regarding cryptocurrencies. He has prepared a 30-page presentation on cryptos and blockchain industries.
The session has been organized by the Congress Committee on Banking. Congress members are committed to studying how the cryptos and blockchain operates. Roubini will represent Coin Center survey head Peter Van Valkenburgh.
Inside Roubini’s presentation is a claim that the highs witnessed by cryptos towards the end of last year were motivated by fear of losing out by investors who did not have sufficient information about the market. He asserts that those backing bitcoin are characterized by criminals who scam and swindle clients. According to Roubini, cryptos have conflicted insiders who cannot be trusted.
Over the years, Roubini has earned the title Dr Doom after successfully predicting the 2008 economic meltdown. In his presentation, he begins with a comparison of bitcoin’s initial value with systems like bygone eras.
He also highlights bitcoin’s 70% drop compared to its highest value ever recorded. Roubini will also talk about other coins which he claims that they have dropped by 95% on average.
Roubini terms other cryptos as s***coins but states that comparing them to manure is an insult. He points out that fertilizer is even more useful. In his testimony, Roubini apologizes for using the word. The controversial economists say the word was chosen because according to him, it is a standard technical term under vocabularies in cryptos.
Why Roubini Believes Cryptos Are ‘Bad’
He further points out some of the shortcoming associated with bitcoin. Scalability is top on the list. Under this shortcoming, he points out that the crypto lacks a store of wealth and high charges. Roubini further looks into mining, where he says that the crypto consumes a lot of power.
The economist also looks at the ICO sector. He claims that they are full of scammers and lack of proper securities regulations. Lastly, he focuses on decentralization where he compares the sector to North Korea.
Ahead of the presentation, Roubini has been tweeting the entire morning. A look at his verified account shows that he has tweeted and reposted 27 posts.