Nouriel Roubini recently testified before a U.S. Senate Committe and had nothing positive say about cryptocurrency in general, which wasn’t new or surprising, except for the degree of the criticism. The famed economist -nicknamed “Dr. Doom”, is known for predicting the 2008 global recession, but has recently drawn the ire of many in the cryptocurrency community for his dramatic blanket statements regarding bitcoin and cryptocurrency in general. Some of them included jabs such as stating that “bitcoin cannot scale and is not decentralized”, “only criminals and terrorists use bitcoin”, and a strange statement that “even the Flintstones knew better than crypto – they used clamshells as their own one currency”.
The cryptocurrency community has certainly come together, in a sense, to point out how ridiculous many of Roubini’s claims are. There are cryptocurrency sites that point out that the self-professed “expert of the global economy” received millions of dollars in consultancy fees from financial institutitions that are directly threatened by some of the cryptocurrencies that he is bashing. It could be argued that the failure to disclose this to the Senate is extremely unethical, as his obvious conflict of interest does not appear to have been brought up or highlighted whatsoever.
Roubini has continued after the Senate hearing on Twitter, where he has railed against bitcoin and cryptocurrency in general continuously, prompting many to question his agenda, and even his state of mind. One of the most well-regarded technical analysts of all time, John Bollinger – inventor of the Bollinger Bands used today in all financial markets worldwide, weighed in, tweeting: “This is a shameful stream of hate speech, filth and bile coming from a well-educated professor”. Erik Voorhees, CEO of Shapeshift, and one of the most well-known cryptocurrency entrepreneurs in the world, pointed out that he was blocked by Nouriel, and indicated that Roubini did not truly understand the historical volatility of bitcoin.