The testimony of economics professor Nouriel Roubini on cryptocurrencies in Congress has caused quite a stir in the crypto community. Roubini said that Bitcoin represents 'the mother of all bubbles'.
On Thursday, Roubini testified in front of the U.S. Senate on Banking, Housing, and Urbain Affairs, together with Peter Van Valkenburgh, research director at Coin Center. Roubini said that cryptocurrencies 'are being used by criminals, terrorists, by tax evasors. It's the mother and father of all scams and blockchain is the most overhyped technology ever'.
The Roubini attack on the crypto space, not his first and probably not his last, made Crypto Twitter come out in full force.
Go back home Nouriel, you're drunk— Joseph Young (@iamjosephyoung) October 12, 2018
Just finished reading the Roubini testimony on crypto. On the plus side, covers many critiques extremely well. Comments on economics are spot on. On the negative side, reads like a biased personal attack on crypto. Thinking of writing a thread covering its main points.— Alex Krüger 🇦🇷 (@Crypto_Macro) October 12, 2018
This Roubini bloke really hates bitcoin. Bitcoin was $58 then. pic.twitter.com/j9qn88mE9j— ACG (@AgosCapital) October 11, 2018
Roubini says Bitcoin cant and does not work, but then goes on to say Bitcoin is a "Swiss bank account where people can hide their wealth and are we really going to allow people to avoid taxes". come on man make your mind up.— Calkob ⚡ (@Hodl8333) October 11, 2018
Nouriel Roubini when Bitcoin was $600:— Joseph Young (@iamjosephyoung) October 12, 2018
"Bitcoin is a scam! a ponzi scheme!"
If you listened to him back then, you lost out on an investment opportunity with a 11x three-year return.
His credibility declining faster than the price of Dentacoin
Nouriel Roubini is an academic elitist. He has ‘No Skin in the Game’ and has been making wrong predictions about markets for decades now. When he’s wrong, he pays no price. When he’s right 1 out of 10 times. He’s a “market guru.”— Whalepool (@whalepool) October 11, 2018
The reactions coming from the crypto community didn't spook Roubini off. After the hearing he went on bashing cryptocurrencies and its community on Twitter.
99% of crypto land is one shitcoin traded for another shitcoin. And the average shitcoin lost 90% or more of its value in the last year. So Crypto Land is Crap Land, a cesspool of lunatics with severe Freudian scatological obsessions that swim 24/7 in their own stinking shit.— Nouriel Roubini (@Nouriel) October 11, 2018
Crypto twitter is a cesspool of bots, trolls, shills, scammers, crypto zealots and lunatics. Barking dogs that attack me after losing 90% in last year. None read my paper & none have any substantial critique. This motley crew is a bunch of pathetic lunatics & HODLing losers— Nouriel Roubini (@Nouriel) October 11, 2018
Bull run? Crypto-currencies are bust. BTC down 70% this year. Other major ones down 80%. The rest down 95%. Major cryptos down another 10% yesterday alone. In which La La Land do these Crypto Lunatics live? They can't think as they lost 90% in less than a year. Wake up! https://t.co/dFQIJ6oRJR— Nouriel Roubini (@Nouriel) October 11, 2018
Read more: Dr. Doom's damning speech on crypto