Those keeping tabs on the cryptocurrency community will not be any strangers to cryptocurrency skeptic Nouriel Roubini. Now, Roubini has once again commented on the matter, and has made a number of fresh derogatory comments regarding Bitcoin investors.
Roubini: Bitcoin fans are ignorant, zealots and fanatics
Specifically, this came during an interview with the CFA Institute, where Roubini branded cryptocurrencies as being essentially devoid of any value. Moreover, Roubini went further and criticized holders of Bitcoin.
In fact, he noted that he was unable to ”understand” how people could willingly hold Bitcoin, as he believes the entire industry is a scam.
”I engage on Twitter and also have attended many of these crypto or blockchain conferences. I met some of these individuals,” Roubini began to explain. Furthermore, Roubini went on to call these people ”zealots” who are supposedly ignorant when it comes to rudimentary economics.
”I’ve never seen in my life people who on one side are so arrogant in their views – who are total zealots and fanatics about this new asset class – while at the same time completely and totally ignorant of basic economics, finance, money, banking, central banking and monetary policy.”
Roubini also criticized how the cryptocurrency community is trying to create decentralized, democratic currencies which do not need central banks to function or to be issued.
”They want to reinvent everything about money, but most of them are absolutely, totally clueless. The ration between arrogant and ignorant is astounding. I have never seen such a gap in my life.”
These latest comments will certainly earn some ridicule from the cryptocurrency community, as Roubini himself could arguably be accused of being both ignorant and – without a doubt – arrogant in his assertions.
Roubini’s track record is far from spotless
Moreover, it is also worth mentioning that although Roubini claims to be opposed to Bitcoin and cryptocurrencies, he certainly dedicates a fair share of time to them. This is likely due to the media exposure he knows that bashing cryptocurrencies will earn him.
Ultimately, Roubini’s comments should also be viewed against the backdrop of Roubini’s career. Roubini is a financial perma-bear, who is prone to predict impending recession or even financial collapse.
Alas, Roubini has oftentimes been wrong when warning of impending economic doom. Furthermore, he has a different stance than that of other Bitcoin skeptics – as Roubini insists that even blockchain technology is ”worthless”.
As such, it is not clear why his most recent comments should be taken with anything other than a healthy helping of salt.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.