Novogratz to Nouriel: “Wear a shirt that says I Love Bitcoin.”
At the recent 2019 SALT Conference in Las Vegas, Galaxy Digital founder and Bitcoin believer Mike Novogratz challenged infamous Bitcoin detractor Nouriel Roubini to a bet.
“Bitcoin is at $6,000 now,” began Novogratz. “If at Christmas time it’s above $6,000, you have to wear a shirt that says: I love Bitcoin.”
He then continued: “If it’s not, I will wear a T-shirt saying: Nouriel was right.”
Novogratz, a former hedge fund manager and Goldman Sachs alum, put the wager forward in response to Roubini’s continued bashing of Bitcoin and his insistence that all cryptocurrencies are worthless. Unfortunately, and maybe somewhat unsurprisingly, Roubini failed to stand by his assertations and meekly turned down the wager, saying he doesn’t “care about the price of Bitcoin.”
Roubini, a renowned U.S. economist and former advisor to the IMF, has earned the titled ‘Dr. Doom’ by crypto enthusiasts due to his continued belief that Bitcoin will eventually die out. At the SALT conference, he again reiterated his stance, saying “Crypto is the mother and father of all bubbles.”
He then drew applause from the audience when he went on to note the level of manipulation within the crypto industry, saying it’s too “susceptible to fraud like spoofing, ‘pump ‘n dump’ schemes and front-running on prices.”
In retaliation, Novogratz countered by pointing out the level of institutional interest that continues to grow in the space. Facebook has famously begun developing a cryptocurrency of its own and financial giants like JPMorgan are developing their own ‘stablecoin’ cryptocurrencies.
“So that’s bitcoin. I think it’s got a very healthy future,” Novogratz concluded.
Despite his negative attitude towards the cryptocurrency market, Roubini’s alternative viewpoint has been recognized by some big players in the industry. Last December, major crypto publication Coindesk revealed that Roubini had been voted as one of the top 10 influencers in the crypto space.
Other big names in the top 10 included Ripple and Stellar co-founder Jed McCaleb and U.S. Securities and Exchange (SEC) Commission Hester Pierce, who has been integral in helping develop constructive regulations regarding the use of cryptocurrencies in the United States.
Despite a recent string of bad news and scandals involving major exchanges Bitfinex and Binance, Bitcoin has managed to maintain a strong market position, recently crossing over the significant resistance point of $6,000.