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Respected Professor of Economics at the Stern School of Business at New York University, and an expert of the global economy, international financial markets, Nouriel Roubini, as usual pointed an unsurprising accusing fingers at on cryptocurrency and blockchain before seated U.S. senators on Thursday.
Nouriel Roubini is to testify alongside Coin Center director of research and crypto lawyer, Peter Van Valkenburgh in long expected discussion themed “Exploring the Cryptocurrency and Blockchain Ecosystem” before the U.S. Senate Committee on Banking, Housing and Urban Affairs.
The hearing and discussion is one of the latest move by the U.S. Congress to have a deep insight on technology and asset class.
While Roubini has unleashed his remarks on cryptocurrency, the cryptocurrency space has therefore pointed accusing fingers at the professor, referencing him as “Dr. Doom”.
Opening the hearing of the Senate Banking, Housing and Urban Affairs committee, Senator Mike Crapo, the United States Senator for the great state of Idaho, raised the regulatory questions, price volatility and “pump-and-dump” schemes, stating that they have raised series of questions in recent time.
He added that to move forward, the opportunities and challenges in cryptocurrencies need to be understood.
Replying, Nouriel Roubini said cryptocurrency is the mother and father of all scams, stating emphatically that blockchain is the most overhyped technology ever but not better than a glorified database.
Valkenburgh, while glorifying the impacts of Bitcoin said makes sending and receiving fund easy, adding that cryptocurrency can solve problems that made nearly half of all Americans had their social security numbers stolen due to a breach at Equifax.
When questioned on the future of blockchain by Senator John N Kennedy, Roubani said corporation cannot depend on public, trustless ledgers.
In defense of alleged shielding of criminals by blockchain, Valkenburgh said bitcoin ledger keeps an unconstrained record of every transaction that makes it easy for identification.
However, Roubani said cryptos are been used by criminals. Teasing him, Valkenburgh said hw would like to know “how you can use something that isn’t money to evade taxes.”