Economist Nouriel Roubini delivered a highly critical testimony before the U.S. Senate Committee on Banking, Housing and Community Affairs during a hearing on cryptocurrency and blockchain this Thursday. Roubini, whose successful prediction of the 2008 housing crisis earned him the nickname ‘Dr. Doom’, was highly critical of blockchain and cryptocurrency, calling digital assets ‘the mother of all scams and bubbles’.
“Scammers, swindlers, criminals, charlatans, insider whales tapped into clueless retail investors’ ‘fear of missing out’, and took them for a ride selling them and dumping on them scammy crappy assets at the peak that then went into a bust and crash,” said Roubini in his opening statement, “like you have not seen in any history of financial bubbles.”
The economist was extremely critical of several aspects of the new digital asset class. Roubini, who describes himself as an expert on asset and credit bubbles, claimed the first signs of trouble came after BT...
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