Nouriel Roubini: Bitcoin is the main source of fraud

At a Senate meeting on cryptocurrency issues, "Doctor Doom" - the same economist who predicted the 2008 financial crisis - said that Bitcoin will always be a source of fraud.

Nuriel Rubini, a fierce critic of digital currency, has now taken on blockchain technology, a technology that even the most cynical and ardent opponents of cryptocurrencies call revolutionary.

“Too much hype around this technology, it is no better than a spreadsheet program or a regular database. “Bitcoin and other types of cryptocurrencies are bubbles, nothing more,” Roubini said at a meeting of the Senate Banking Committee.

Such a statement contradicts the beliefs of blockchain supporters, including representatives of the US government, who said back in 2016 that this technology could “help governments collect taxes, provide benefits, issue passports, register land, manage supply chains of goods and generally ensure the integrity of government documents and services."

Traders argue that the value of Bitcoin is that its decentralized nature makes it independent of stock market volatility. But it seems that the more popular a coin becomes, the more traditional investors try to apply traditional investment strategies, assuming that the crypto market will fall further if stock markets fall, as is happening with fiat.

Crypto experts and analysts, on the contrary, say that a decline is a sign of normal market evolution, and there’s nothing wrong with that. 

Meanwhile, governments continue to consider how to regulate cryptocurrency, and critics continue to say that cryptocurrency helps facilitate fraud and launder money from terrorists and drug lords.

According to telegraph.co.uk