In another ill-fated tweet by “Dr. Doom” Roubini reiterates the death of cryptocurrencies and tokens. This happened just when XRP regained 35% of its worth and Bitcoin continues its bull run to its new all-time highs.
Nouriel Roubini, a naysayer of Bitcoin, believes that Joe Biden, president-elect of the United States, will go to greater lengths to control the cryptocurrency industry. In a heated twitter debate on Christmas eve, Roubini, known for his dislike on crypto and his ability to call market bottoms by mistake, called the cryptocurrency a “cesspool.”
He went as far calling pro-cryptocurrency lawyers as “delusional.” Roubini was responding to Jake Chervinsky, a lawyer studying the fallout from the news about the U.S. lawmakers were demanding for the stablecoin payments to implement an on-chain Anti-Money Laundering and Know-Your Customer (AML/KYC) identification processes in their system.
The pro-crypto lawyer, Chervinsky, argues that the idea currently has no chances of becoming a law that can be enforced. Rather, it represented the “personal views” held by Steven Mnuchin, the Treasury Secretary who served under Trump and soon to be replaced by Janet Yellen, Biden’s pick for the role.
An irate Roubini retorted with calling Chervinsky delusional. He had these to say in response as well.
“Biden’s team, starting with Yellen who was my boss at CEA, will crack down on this criminal tax evading & AML-KYC-TFC-evading crypto/shitcoins cesspool much more than Mnuchin. Get a life as you have become a crypto hired gun cheerleader/enabler.”
The skeptics of the industry have been continually buoyed this week after news that the US Securities and Exchange Commission have filed a lawsuit against the blockchain payments network Ripple and two of its executives broke out. The largest investors in their cryptocurrency, XRP, Ripple has seen a 60% drop in value immediately after the lawsuit went public.
At the same time, others noted that Bitcoin, currently the largest crypto-token, didn’t really react to the lawsuit. However, surveys show that many are still concerned about the potential for government entities to ban these tokens and affect their successes.
However, proponents countered this argument and sees this as impossible. They say that the most effective way to counter cryptocurrencies is to reintroduce free markets on a sound monetary standard such as gold, something that is unlikely to happen.
Meanwhile, the possible responses is Roubini continues his current outburst regarding cryptocurrencies, like XRP and Bitcoin, are looking bleak. As data shows, his outbursts have almost always matched the local price lows for these tokens, making the economist an accidental signboard for those looking to enter the market and profit from cryptocurrencies.
