Economist and notorious cryptocurrency critic Nouriel Roubini said that “crypto is the mother and father of all bubbles” at the Salt conference in New York. CNBC reported on Roubini’s declarations on May 9.
During the conference, Roubini also reportedly said that bitcoin (BTC) and other crypto assets should not be called cryptocurrencies. According to him, “cryptocurrency is totally a misnomer” since “to be a currency, you have to be a unit of account, valuable and a scalable means of payment."
Roubini also addressed bitcoin’s scalability, stating that while credit cards are capable of thousands of transactions per second, bitcoin’s network can only manage seven. He also claimed to have never witnessed a level of manipulation comparable to what is currently reported by the cryptocurrency market.
CEO of crypto bank Galaxy Digital and former Goldman Sachs partner, Michael Novogratz disagreed, and pointed out bitcoin’s price recovery after 2018’s collapse. He concluded:
“The debate is over, bitcoin won. It is now seen by people all around the world as a legitimate place to [store] their value.”
As Cointelegraph previously reported, Nouriel Roubini stated that blockchain is “no better than an Excel spreadsheet” during a panel in January.
On the other hand, in February, Novogratz argued that bitcoin occupies a unique place in the cryptocurrency landscape, stating that it “is going to be digital gold, a place where you have sovereign money.”