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
You May Also Like
The restless McAfee is on the warpath again
John McAfee calls on the crypto community to boycott financial institutions that have any connections with the Reserve Bank of India. Back in April, the RBI banned all financial institutions it regulates from dealing in cryptocurrency transactions. This prevented investors from buying digital currencies in exchange for the rupee. The RBI ban came into effect from July 5.
New token concept from Dan Larimer
Daniel Larimer, CTO of Blockchain and developer of EOS Block.One, is known for his habit of jumping between projects and or even creating a new coin if the previous one is not very successful. And now Larimer plans to develop a new cryptocurrency project.
