Dr. Noreil Roubnini, gave a testimony to the US Senate yesterday, but it appears he may have left out a critical conflict of interest…
Yesterday the crypto space witnessed one of the most vitriolic and public attacks on its fundamentals there has ever been, when the aptly named, Dr. Doom (AKA Nouriel Roubini) gave a testimony on crypto during a hearing of the US Senate committee on banking.
Before starting, Roubini qualified his tirade with the following statement:
“Unlike all self-interested crypto insiders and scammers… I have zero long or short position in any coin or crypto-currency and any blockchain business venture.”.
This may be true, but what Roubini conveniently left out was his (likely numerous) positions in banks. Trustnodes reports that Roubini’s net worth of $17 million has come solely from the consultancy fees he’s charged various financial institutions for the privilege of his insight.
Furthermore, Dr. Doom’s curriculum vitae includes notable institutions such as the International Monetary Fund (IMF), the Federal Reserve, World Bank, and Bank of Israel; along with this, the world economic forum cites him as being a consultant to “private institutions” but doesn’t divulge which ones.
The problem with this is that it doesn’t make him a credibly independent or impartial judge when it comes to crypto, and certainly not someone eligible to testify to the US Senate on such a topic...
The vast crypto empires of Twitter didn’t fall slient yesterday, instead coming out to challenge Roubini:
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) 11 October 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) 12 October 2018
However, Roubini, clearly not one to keep his head down, fired back, with yet another tirade:
You can watch Roubini's full testomony here.