Nouriel Roubini called Bitcoin source of fraud

At the Senate meeting on cryptocurrency issues, “Doctor Doom”, the economist who predicted the 2008 financial crisis, said that Bitcoin will always be a source of fraud.

Nouriel Roubini, a fierce critic of digital currency, now took on blockchain technology, a technology that even the most cynical and ardent opponents of cryptocurrency call revolutionary.

“There is too much HYIP around this technology, nothing is better than a tabular computing program or a regular database. And Bitcoin and other types of cryptocurrency are bubbles, nothing more,” Rubini said at a meeting of the Senate Banking Committee.

Such a statement contradicts the beliefs of blockchain supporters, including representatives of the US government, who said back in 2016 that this technology can “help governments collect taxes, provide benefits, issue passports, register land plots, manage the supply chain of goods and generally ensure the integrity of government documents and services.”

Traders claim that Bitcoin’s value is in its decentralized nature, which makes it independent of the stock market volatility. However, it seems that the more popular a coin becomes, the more traditional investors try to apply conventional investment strategies, assuming that the crypto market will fall further if stock markets fall, as is the case with fiat.

Experts and analysts in the crypto industry imply that the recession is a sign of the usual evolution of the market, and there is nothing to worry about.

Meanwhile, governments continue to think about how to regulate cryptocurrency, and critics continue to say that cryptocurrency helps to carry out fraud and launder money from terrorists and drug lords.