At the 20th SALT Technology Conference in Las Vegas on May 8th, Bitcoin's loyal supporter Mike Novogratz had a "conflict" with the well-known cryptocurrency opponent Nouriel Roubini.
In a round table on digital currency, Roubini once again called the cryptocurrency a huge "bubble." At the same time, Novogratz lamented Bitcoin as a "miracle."
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Roubini: Encrypted currency is the origin of all bubbles
Roubini is a professor of economics at New York University, and he recently became famous for his opposition to Bitcoin.
Although Roubini has almost no real-world (non-academic) experience with Bitcoin, he has repeatedly argued that Bitcoin is worthless and is a huge scam. At the SALT Forum today, he further elaborated on these points.
The cryptocurrency is the origin of all bubbles. The cryptocurrency (the term) is completely inappropriate. To become a currency, you must be a unit of account and a valuable and scalable payment method.
Roubini said that cryptocurrency evangelists are essentially liars, they are deceiving themselves and others. why? Because Bitcoin can't scale up effectively, it's too easy to be "large-scale manipulation", and the price fluctuations are too large to be a stable means of value storage.
I have never seen such a degree of manipulation. The truth is that (cryptocurrency) is not currency.
Novogratz: The debate is over and Bitcoin wins
At the other extreme is the former hedge fund manager and former Goldman Sachs partner Mike Novogratz. Novogratz is now the founder of Galaxy Digital, the cryptocurrency “commercial bank”.
Novogratz said that Roubini underestimated the cryptocurrency industry and ignored its huge potential. In addition, Novogratz said Bitcoin has proven its dominance, so bears like Roubini have lost the debate.
There are a lot of things happening under the calm surface. In a way, this is a small miracle.
At the end of the debate, Bitcoin won. Today, people around the world see it as a reasonable way to store value.
Refusing to bet on Roubini
Novogratz said that the fact that large companies like Fidelity and Facebook plan to implement cryptocurrencies proves that they will always exist.
I think Bitcoin has a very healthy future. I feel that Bitcoin will continue to rise.
Then Novogratz reminded Roubini that he should behave in the same way and make a bet (no need for Roubini to get the gold).
Bitcoin's current price is $6,000. If you have more than $6,000 in Christmas Bitcoin, you must wear a dress that says 'I love Bitcoin'. Instead, I will wear a 'Nouriel is right' T-shirt.
Unsurprisingly, Roubini refused. "I don't care about the price of Bitcoin," he said smugly (can be said to be very heartfelt = stunned).
Roubini: Bitcoin enthusiasts are ignorant
Not only did Roubini repeatedly attack Bitcoin, but it also attacked blockchain technology that supported cryptocurrencies.
Although he claims to be dismissive of Bitcoin, he can't leave Bitcoin for a moment in his speech. In March 2019, Roubini slammed bitcoin as an "index-type, parabolic bubble", saying that bitcoin investors were "arrogant, ignorant" fanatics.
I have never seen such people in my life, on the one hand their views are so arrogant – they are very fanatical about this new asset class – on the other hand they are basic economics, finance, currency, banks, central banks and currencies. The policy is ignorant.
They want to completely reshape everything related to money, but most of them are very ignorant, and the ratio of arrogance to ignorance is staggering.