Roubini is a New-York-based economist who famously predicted the 2008 financial crisis and has been a vocal about his anti-crypto sentiment. Reiterating his negative stance towards the crypto and blockchain space, he stated that the entire crypto industry consists of assets that are neither money nor currency; stressing that cryptocurrencies are neither stable in terms of bringing a store of value, nor a scalable means of payment.
Roubini’s argument
As per Roubini crypto’s performance represents an “exponential, parabolic bubble,” which is starting to burst as there is no real fundamental value backing it as an asset. Along with his negative stance on crypto, Roubini also targetted blockchain, the underlying technology of cryptocurrencies, adding that the technology has “nothing to do with” the future of financial services.
He elaborated:
Roubini stated earlier this year that blockchain is “no better than an Excel spreadsheet” and is the “most overhyped technology ever.” Contrary to Roubini’s thought process, the chairman of the United States Commodity Futures Trading Commission, recently claimed that blockchain would have transformed regulators’ real-time responses to the 2008 global financial crash if it had been in use at the time.
These reports are well supported by recent Blockchain use cases, including Russian Political Party Launching Blockchain-Based E-Voting to bring transparency to the whole voting system. Also, the Argentinian government plans to support Blockchain Startups Backed by Binance Labs.
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