Doom Dr. Nouriel Roubini: BTC cannot be called cryptocurrency

At the SALT 2019 conference in Las Vegas on Wednesday, Nouriel Roubini and Galaxy Digital founder Michael Novogratz debated bitcoin and cryptocurrency. Dr. Doom said that the cryptocurrency is the parent of all bubbles. Bitcoin, etc. cannot be called cryptocurrency, and the term cryptocurrency is completely inappropriate. To be a currency, you must be a unit of account, a valuable and scalable payment method. Bitcoin cannot scale effectively, with only seven transactions per second, and credit cards can process thousands of transactions simultaneously. Bitcoin is too volatile to be a stable means of value storage and is vulnerable to fraud. He said that he has never seen such a degree of manipulation, so these are not currencies. Novogratz said that the price of Bitcoin rebounded after falling in 2018 and is still widely accepted and concerned. In reality, a lot of changes are taking place. In some ways, this is a small miracle. The debate is over and Bitcoin has won. People all over the world now believe that Bitcoin is a legitimate place to store their wealth. Companies such as Fidelity and Facebook are implementing or considering cryptocurrencies. So this is bitcoin, with a very healthy future, it will continue to rise.