In the latest blockchain-centered crypto news, we have the famous crypto critic Nouriel Roubini throwing rocks on the technology behind blockchain once again. The notorious crypto ‘hater’ has stated that blockchain is “no better than an Excel spreadsheet” during a panel which was hosted by the crypto exchange LaToken on January 25th.
Even though Roubini is known for having predicted the 2008 financial crisis which earned him the critic title, he is negative towards crypto and blockchain most of the time.
This time, Roubini spoke during a panel at the Blockchain Economic Forum in Davos, where he defined blockchain as “the most overhyped technology ever,” noting that Bitcoin and other cryptocurrencies are “the mothers of all bubbles.”
Private DLT, as Roubini said, is nothing more than a fancy database since it is neither trustless nor decentralized. He also said that just like DLT, central bank digital currencies (CBDCs) don’t have anything to do with blockchain and crypto either.
Furthermore, he expressed his idea that CBDCs will dominate cryptocurrencies and change banking in many radical ways. However, while Roubini believes that fintech will change finance as we know it and that cash will disappear, he is confident that blockchain and crypto won’t play a crucial role in this change.
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