Bitcoin (BTC) and digital currencies were recently lambasted at the just concluded 2019 Blockchain Economic Forum in Davos, Switzerland by Nouriel Roubini. Nouriel Roubini is a professor at New York University and he is a big critic of Bitcoin (BTC) and digital currencies.
While speaking at the event, Roubini said that Bitcoin (BTC) and digital currencies are the father and mother of all bubbles, adding that blockchain technology is nothing more than a fancy database. Roubini spoke on a single-person panel, so his anti-digital currency FUD won’t be challenged by anyone, and he gloated over the present bear market.
A Fancy, Overhyped Database – Blockchain
Roubini claims that he was proven right in his longstanding and rabid opposition to Bitcoin (BTC). In addition to that, he said that blockchain and digital currency do not have any place in the forthcoming fintech revolution due to the fact that they are just flashed in the pan.
In a statement, Roubini said: “I believe that there is going to be a revolution in financial services. That revolution is called fintech. But my opinion of fintech has nothing to do with digital currencies and it also has nothing to do with blockchain.”
Bitcoin (BTC) Price Today – BTC / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.15% |
While the anti-Bitcoin (BTC) stance isn’t the first seen in the crypto space, his bearishness on blockchain technology singles him out of the rest mainstream digital currency skeptics. Even other Bitcoin (BTC) critics such as Bill Gates – the founder of Microsoft – have applauded blockchain technology has a revolutionary innovation that could revolutionize supply-chain management, banking, and health care.
However, Roubini is not yet convinced by the merit of the technology. Roubini said: “What blockchain is currently doing has already been done in the private sector, with the IBMs of the world.” The Bitcoin critic huffed that blockchain is no better than an Excel spreadsheet as it is a fancy, overhyped database.
Digital Currency Will Be Dominated by Central Bank Currency
The crypto skeptic also mocked digital currency news platforms for getting excited whenever they hear the news that a crypto soon to be launched by the central bank. He said that those things will never have anything to do with blockchain and digital currencies. Moreover, if and when a digital currency is launched by the central bank, it would dominate all digital currencies and render them useless, says Roubini.
If it is launched, it will also dominate the present models of digital payment systems, Roubini claimed. Roubini said that the digital currency space should not hope for a digital currency backed by the central bank because it would pioneer the death of all digital currencies and put an end to the present digital payment solutions like PayPal.
Digital Currency Entrepreneurs Disregard the Dismissal of Crypto by Roubini
Digital currency entrepreneurs have disregarded the dismissal of the whole digital currency industry by Nouriel Roubini. According to a report by CCN, the Chief Executive Officer of Crypto Unicorn Circle – Jeremy Allaire – said that humanity can’t survive the digital era without digital currency.
In a video, Allaire said, cryptography is at the foundation of protecting human privacy and modern society. It is a basic tool of our cyber defenses, and it is a very important tool in every corporation, he added. He said that modern society depends on digital infrastructure. As such, humanity will not be able to survive the digital age without digital currencies.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
