Biden and Yellen to end ‚criminal cesspool‘ of cryptomoranes, says Nouriel Roubini

In his latest tweet, „Dr. Doom“ Roubini spells out the death of cryptomorphs, while XRP earns 35% and Bitcoin aspires to new historic highs.

Biden and Yellen will end the ‚criminal cesspool‘ of cryptomorphs, says Nouriel RoubiniNOTÍCIAS DO MARCADO

Bitcoin’s (BTC) opponent, Nouriel Roubini, believes that the new US President, Joe Biden, will go much further than Donald Trump in controlling cryptomorphs.

In a heated Twitter debate on December 24, Roubini, who is known both for his aversion to cryptomorphs and his ability to make mistakes about the price of Bitcoin, called the sector a „cesspool“.

Roubini for pro-Bitcoin lawyer: „You are delirious“
Roubini was responding to Jake Chervinsky, a lawyer studying the consequences of recent news that US legislators were requiring stablecoins payments to implement anti-money laundering online identification processes and meet his client (AML / KYC).

Chervinsky argued that the idea now had „exactly zero chance“ of becoming an applicable law. Instead, it represented the „personal views“ of Steven Mnuchin, Trump’s Treasury Secretary who would soon be replaced by Biden’s choice, Janet Yellen.

„You are delirious“, Roubini replied visibly angry.

„Biden’s team, starting with Yellen, who was my boss at the CEA, will crack down on this criminal tax evasion and crypt pit/aml-KYC-TFC evasion shit much more than Mnuchin did.“

Bitcoin and altcoins refuse to die this year
Cryptomaniac sceptics were heartened this week by news that the US regulator, the Securities and Exchange Commission (SEC), has decided to open proceedings against the blockchain payment network Ripple. The fourth largest cryptomoeda, XRP, saw a 60% drop in the value of the token as soon as the news went public.

At the same time, commentators noted that Bitcoin barely reacted to the legal challenge. In the long run, however, research has shown that many remain concerned about the potential for government bans to impact on Bitcoin’s success.

Proponents argue that this is impossible. The most effective way to reduce demand for a fully decentralized asset, they say, is for governments to reintroduce free markets into a solid monetary pattern like gold – an unlikely eventuality.

„Bitcoin cannot be banned easily,“ summarised Saifedean Ammous, author of „The Bitcoin Standard“ 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 would do that like a free banking market based on a gold standard“.

Bitcoin vs. historical bubbles comparison chart. Source: James Todaro/ Twitter
Meanwhile, the prospects for Roubini, if he continues to criticize Bitcoin and altcoins, seem bleak. As the data shows, his outbursts corresponded almost exactly to the local BTC/USD price drops, making the economist an accidental thermometer for those seeking to enter the market for profit.

Comrade detractor Peter Schiff has a similar background when it comes to Bitcoin himself.