"Doctor Doom" to speak on crypto today before Congress
Nouriel Roubini is a well-known economist who has earned an ill-fated nickname. "Doctor Doom" correctly predicted the financial crisis of 2008 and will now give his take on the state of cryptocurrencies in front of members of Congress. Roubini will participate in a hearing today on the subject, along with Coin Center's director of research, Peter Van Valkenburgh.
Roubini isn't a fan of cryptocurrencies. He says that they are not a viable store of value and believes that "wealth in crypto-land is more concentrated than in North Korea." He even states that "Crypto is the Mother of All Scams and (Now Busted) Bubbles While Blockchain Is The Most Over-Hyped Technology Ever, No Better than a Spreadsheet/Database.'
Hopefully, Van Valkenburgh can counter the negative claims during his testimony. He is expected to talk about the powers of decentralized computing across a number of real-world use cases. He will also discuss how a "light-touch approach" toward crypto regulation is needed - similar to what was seen with the Internet. This is a point that many have raised in order to substantiate the importance of the blockchain in the continued evolution of business innovation.
The hearing is being led by the US Senate Committee on Banking, Housing and Urban Affairs. It is one of many hearings that have been held on Capitol Hill this year to address cryptocurrencies and blockchain technology, which are an indication that politicians are finally taking the industry more seriously. However, individuals like Doctor Doom have the ability to bring all of the progress to a screeching halt if lawmakers aren't prepared to objectively consider all of the facts, instead of only listening to the rhetoric of traditional finance pundits.