Nouriel Roubini, the well-known crypto hater clashed with the well-renowned bitcoin bull Mike Novogratz at the 2019 SALT tech conference where he called bitcoin a massive ‘’bubble.’’ The following altcoin news gives you some more update.
During the panel discussion regarding digital currencies, Nouriel Roubini took his chance to once again trash cryptocurrencies while Novogratz claimed that bitcoin is a ‘’ miracle.’’ He is a popular economics professor at the New York University and he claimed his fame for opposing Bitcoin.
The professor has almost no real-world experience with cryptocurrencies or managing huge sums of money for that matter. He continuously dismissed bitcoin as a scam and as being worthless. He also expressed his opinion once again at the SALT Conference in Las Vegas, Nevada. Roubini pointed out:
“Crypto is the mother and father of all bubbles. The term cryptocurrency is totally a misnomer. To be a currency, you have to be a unit of account, valuable, and a scalable means of payment.”
Further, Nouriel Roubini made clear that crypto evangelists are basically con artists that delude people into investing in scams. According to him, Bitcoin cannot scale and it too vulnerable to ‘’ massive manipulation’’ making it too volatile to be a store of value:
“I’ve never seen such a level of manipulation. The reality is, these are not currencies.”
On the contrary to the opinions of the professor, the bitcoin bull Mike Novogratz who is also a Goldman Sachs alum and hedge fund manager believes that Roubini is underestimating the crypto industry and cannot see the real potential. He also pointed out as previously reported in the best cryptocurrency news sites that Bitcoin has a staying power and has been on the market for 10 years:
On the other end of the spectrum is Mike Novogratz, a Goldman Sachs alum and former hedge fund manager. Novogratz is the founder of crypto merchant bank Galaxy Digital.
“There’s a tremendous amount of stuff going on [beneath the surface]. In some ways, there’s been a small miracle. The debate is over. Bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”
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