Nouriel Roubini, an economist, also known as Dr. Doom, is not prepared to stop bashing cryptos. He appeared on a panel to discuss the future of virtual currencies. Unfortunately, even the crypto proponents present like Michael Novogratz did little to show Roubini the revolutionary power of cryptocurrencies.
The economist was even not comfortable to refer to Bitcoin and its peers as ‘cryptocurrencies.’ However, Novogratz was ready to shed some light on the issue, but since he knew Roubini would not listen, he had to make a deal:
“If at Christmastime [Bitcoin is] above $6,000, you have to wear a shirt that says, ‘I love Bitcoin.’ If it’s not, I will wear a T-shirt saying “Nouriel was right.”
But the bait was not strong enough to get Nouriel waiting for the end of the year. Although the economist did not give a straight yes or no answer, he said it does not bother him whether Bitcoin’s price rises or falls.
Virtual currency “is the mother and father of all bubbles,” Roubini said while indicating that cryptocurrencies like ETH and BTC do not have what it takes to qualify to be called a currency. For the economist, the major weakness portrayed by cryptocurrencies is the failure to scale followed by volatility. He added that cryptos fail terribly when pitted against credit cards in terms of transaction speed.
While Michael, the CEO of Galaxy Digital, a crypto bank, seems to agree with Roubini, he was more positive on Bitcoin:
“The reality is there’s a tremendous amount of stuff going on. In some ways, there’s been a small miracle. The debate is over, Bitcoin won. It is now seen by people all around the world as a legitimate place to store their value.”