Tempers flared during a cryptocurrency panel hosted at the Milken Institute 21st Global Conference, in Beverly Hills, California with discussions degenerating to profanity as Nouriel Roubini, also known as ‘Dr. Doom,’ described bitcoin’s purported decentralization as “bullshit.” In addition to the comedy of Mr. Roubini, the United States Commodity Futures Trading Commission (CFTC) chairman offered measured comments regarding the need to respect the “generational” nature of the booming interest surrounding the cryptocurrency markets.
Also Read: CFTC’s Christopher Giancarlo Criticizes Outdated Regulatory Mandate
‘Dr. Doom’ Curses Decentralization at Milken Conference
Nouriel Roubini
Among the most boisterous of the conference’s panelists was Nouriel Roubini – an economist known for predicting the 2008 financial crisis.
“All this talk of decentralization is just bullsh*t,” said Mr. Roubini, describing blockchain as comprising little more than a “glorified Excel spreadsheet.” Of investors who entered the bitcoin markets in late 2017, Mr. Roubini stated: “This was a bubble […] the ones who arrive late to the party are the suckers.”
Mr. Roubini’s remarks elicited retaliation from Alex Mashinsky, the chief executive of Celcius Network, who challenged Dr. Doom to “buy one coin and then tell us how it works.” Bill Barhydt, the chief executive of Abra, also chimed in, announcing that Roubini offering analysis of the cryptocurrency markets was akin to “a horse salesman saying we don’t need combustion engines.”
CFTC Chairman Describes “Generational” Shift Towards Bitcoin
Also speaking at the Milken Conference, the chairman of the CFTC, Christopher Giancarlo argued that regulators need to ”take a moment and respect this generation’s interest in this new instrument.” Mr. Giancarlo asserted that the cryptocurrency markets need to viewed “Not with derision, but with a little bit of attention and respect, and respond with policy initiatives that
