This morning, renowned economist Nouriel Roubini and CoinCenter director of research Peter Van Valkenburg testified before the U.S. Senate Committee to discuss the cryptocurrency and blockchain ecosystem.
“Doctor Doom” rattled his grievances with crypto, calling it “the mother or father of all scams and bubbles” and dubbing blockchain as a “glorified database.” He also claims that no one uses these technologies besides criminals and those who plot terrorist acts, stating that blockchain creates environmental damage, that crypto is not scalable, and that decentralization is a farce.
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Below, blockchain and crypto industry experts offer commentary that stand against economist Nouriel Roubini’s comments, where they discuss why his claims are unfounded and evidently false.
Ken Nguyen, CEO of Republic, the AngelList & NEO Global Capital-backed crowdfunding platform for startups and blockchain projects:
“Roubini’s prepared remarks argue that cryptocurrencies are not a viable unit of account, means of payment or store of value. He also stated elsewhere that Bitcoin can’t scale and is not decentralized. I generally disagree, and find these damning statements mostly good for their entertainment value, but not particularly thoughtful. Bitcoin and ether are very much viable means of payment, and their “stored value” characteristics are not disputed by market participants or regulators. Any deficiency to date with respect to scalability or absolute decentralization can and will be improved over time. CoinCenter’s viewpoints are more nuanced and balanced, but that’s not what gets the attention these days.”
Marshall Hayner, Founder and CEO of Metal, the platform behind consumer grade applications for blockchain-based payments, investing, and rewards:
“Dr. Roubini’s presentation was disheartening to witness, and his statistics were majorly taken out of context. His comments on prices dropping 80% instills an unnecessary fear in individuals looking to enter the crypto fray, and raises alarms unjustly for those newly invested in the ecosystem. Those of us who have been attuned to the maturation of the industry understand that dips in the market are temporary — and certainly do not negate the lasting disruptive nature ofcryptocurrencies as a whole. Dr. Roubini’s testimony today was irresponsible and rooted entirely in his own distrust of emerging technology rather than fact; most of his criticisms, particularly about stability and scalability, are currently being remedied by many well-known companies. I applaud our federal legislators for making strides towards formally exploring what a blockchain ecosystem would look like in the United States, however it is critical that they seek input actual industry experts, and not get distracted by doomsayers on the wrong side of history.”
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