Nouriel Roubini in US Senate Hearing: Exploring the Cryptocurrency and Blockchain Ecosystem

Nouriel Roubini in US Senate Hearing: Exploring the Cryptocurrency and Blockchain Ecosystem

Nouriel Roubini testified on Thursday’s Senate hearing calling Bitcoin a scam, a bubble; and blockchain a scoundrel. Peter Van Valkenburgh gives an alternative opinion

According to Roubini, the near $20,000 price of Bitcoin back in late 2017 was the first warning sign. The outcome of the price high was people FOMOed in. He alluded that scammers and whales were responsible for the price manipulation.

Roubini’s Opinion on Blockchain

Roubini characterized blockchain as most over-hyped and useless, even denying how the world has benefited since Bitcoin went public. He called mining an environmental hazard and utility tokens as bartering.

The Alternative Opinion

Peter Van Valkenburgh, director of research at Coin Center, testified that blockchain is not yet perfected. But the breakthrough is pronounced by its capacity to operate without trusted intermediaries. He also gave an example of the technology’s benefit by citing an Afghan woman who was able to begin and continue her business because of Bitcoin.

Earlier this week, Vitalik Buterin has countered a tweet from Roubini, where the economist labeled the programmer a centralized dictator and blockchain as a centralized system.

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