Biden and Yellen will crack down on crypto ‘legal cesspool’ — Nouriel Roubini
Bitcoin naysayer (BTC) Nouriel Roubini believes future US President Joe Biden will go much further than Donald Trump in controlling cryptocurrency.
In a fiery Twitter debate on December 24, Roubini, known for both his aversion to crypto and his ability to accidentally call market lows, referred to the sector as a “sump.”
Roubini to the Pro-Bitcoin lawyer: “You are kidding yourself”
Roubini replied to Jake Chervinsky, an attorney who was investigating the ramifications of recent news that U.S. lawmakers required stable coin payments to implement chain-specific money laundering and customer knowledge identification (AML / KYC) procedures.
Chervinsky argued that the idea currently has “exactly zero chance” of becoming an enforceable law. Rather, she represented the “personal views” of Steven Mnuchin, Trump’s finance minister, who was soon to be replaced by Biden’s election, Janet Yellen.
“You are crazy,” replied a visibly angry Roubini.
“Biden’s team, starting with Yellen who was my boss at CEA, will fight this criminal tax evasion and AML-KYC-TFC crypto / shitcoin cesspool evasion a lot more than mnuchin. Get a life while being one of.” Crypto-rented guns have become cheerleaders / enablers. “
Bitcoin and Altcoins refuse to die this year
Cryptocurrency skeptics were buoyed this week by news that the US Securities and Exchange Commission (SEC) had decided to file a lawsuit against the blockchain payment network Ripple. Ripple, the largest investor in the fourth largest cryptocurrency, XRP, saw a 60% drop in value after the news was released.
At the same time, commentators noted that Bitcoin had barely responded to the legal challenge. However, over the long term, surveys have shown that many remain concerned about the potential of government bans to affect Bitcoin’s success.
Proponents argue that this is impossible. The most effective way to reduce the demand for a fully decentralized asset is for governments to reintroduce free markets on a solid currency standard like gold – an unlikely possibility.
“Bitcoin cannot simply be banned,” said Saifedean Ammous, author of “The Bitcoin Standard”, summarized last year.
“If people want to use it, they will find a way. If you want to stop it, you want to undermine the incentive to use it. Nothing like a free market in banking based on a gold standard would do.”Comparison table Bitcoin vs. historical bubbles. Source: James Todaro / Twitter
In the meantime, the outlook looks bleak for Roubini if he continues his current lambasting of bitcoin and altcoins. As data shows, its breakouts have hit local BTC / USD price lows almost exactly, making economists a chance exchange of blows for those looking to enter the market to profit.
Co-critic Peter Schiff has a similar track record when it comes to Bitcoin itself.