The Asia Blockchain Summit is underway, and the crypto-world is awaiting the debate between Economist, Nouriel Roubini, and BitMex Founder and CEO, Arthur Hayes. Many other esteemed crypto-leaders are attending the event in Taipei. They include Binance CEO, CZ, Litecoin Founder, Charlie Lee, Tron Creator, Justin Sun, and Crypto-Journalist Ran Neuner.
Nouriel Roubini, an American Economist, and professor at NYU, addressed the crowd with his views on Bitcoin. Samson Elis tweeted from the event as Nouriel noted,
this year’s rally in cryptos is down to massive price manipulation unlike anything I’ve ever seen before. He also added, “Regulators are asleep at the wheel. In fact, they’re in cahoots with the crypto industry. It’s disgusting”
Roubini, also known as Dr. Doom, has been a prominent Bitcoin basher and has held his stance against Bitcoin and cryptocurrencies for the past six-seven years. He has put allegations against the entire industry and especially attacked cryptocurrency Exchanges. He tweeted,
Indeed the crypto space is full of criminals, con men, carnival barkers, conflicted insiders talking their book 24/7, whales screwing retail suckers, fraudsters, snake oil peddlers, price manipulators. 100X the amount of fraud and criminality that you find in traditional banks
Nouriel Roubini also sent a tweet to Hayes in which he shared the link of accusations against the Exchange. However, Hayes sounded as confident as ever replied,
Bring it baby, by the time we are finished on stage you will be jonesin’ for an account with us. https://t.co/YVrfNTkLjE
— Arthur Hayes (@CryptoHayes) July 1, 2019
This morning Arthur Hayes too took an interview with the media along the sidelines of the Conference. He cited that the notional daily trading volume on Bitmex is around $5-$10 billion dollars. This is 4-5 times higher than the volume at CME. The interest from retail investors is primarily driving the price.
Moreover, he also did not shy away from accepting the realities of the market. While he admitted that Bitcoin is indeed a speculative asset, he also stated that it forms the best risk-involved investment that has the potential to yield good returns in 10 years. He also added,
If we’re really moving into a digital economy then the way we store wealth, the hard asset, if you will that is pricing wealth must change and I think Bitcoin could be that asset.
The debate between Nouriel and Hayes is expected to bring hard questions about fake reported volume, market manipulation, and the actual rising interest in Bitcoin. Arthur Hayes seems fully prepared for it, he tweeted
One Trillion Dollars traded in a year; the stats don’t lie. BitMEX ain’t nothing to fucking with.
@Nouriel I’ll see you on Wednesday.
Will Nouriel will be able to sway a crowd full of crypto-enthusiasts? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com