Nouriel Roubini continues lambasting Libra, calling it "a monopoly scam"

18 Jun, 2019
by Richard Allen
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Nouriel Roubini continues lambasting Libra, calling it a monopoly scam

Chepicap recently reported that well-known crypto skeptic Nouriel Roubini (A.K.A Doctor Doom) took to Twitter to share his thoughts on Facebook’s upcoming cryptocurrency, Libra saying it isn’t actually a cryptocurrency. It seems as if the American economist is back at it.

Roubini argues that Libra is “blockchain in name only" before stating that the only reason Facebook has developed a cryptocurrency is to further its profits. Roubini states that Libra is a “monopoly scam” because Facebook touts billions of users around the world.

Roubini began his targeted assault against Libra with a warning. He argues that, because Libra will be tied to a basket of currencies, it will carry a “significant currency risk” for users who live in countries with relatively stable currencies.

As such, Roubini notes that users in the US or the EU might be put off Libra since it’s also linked to more unstable currencies from emerging markets.

While Roubini has developed a rather notorious reputation in the crypto space for his relentless bashing of Bitcoin, there were some who agreed with him on this.

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