Renowned Bitcoin skeptic and economist, Nouriel Roubini who is famously known as Dr. Doom, has attacked cryptocurrencies again, this time, insinuating that cryptocurrency holders have been “arrogantly flouting all criminal laws/regulations as if they are above the law.
Now, Roubini has decided to attack the cryptocurrency users again and this time, not just Arthur or BitMEX, but coming against a whole larger population of cryptocurrency enthusiasts. According to Roubini,
“Criminality is standard in crypto land. 1000s of folks in crypto belong to jail n will end up there soon. They have been arrogantly flouting all criminal laws/regulations as if they are above the law under the b/s fig leaf of “censorship resistance”: an excuse for sheer sick greed!”
Roubini: “Cryptocurrencies Are A Tool For Money Laundering”
Roubini’s tweet comes as a comment on Modern Consensus’s tweet from November 2018 about Tether hiring Leonardo Real, ex quality control manager at Bank of Montreal’s anti-money laundering office, as its Chief Compliance Officer. Modern Consensus’ tweet is linked to its article on why Real makes for an interesting choice as Tether’s CCO as he previously had written articles on how cryptocurrencies were being used for money laundering by drug and arms dealers.
Crypto Enthusiasts Respond To Roubini’s Tweet
Roubini’s tweet has generated both support and backlash from Twitter users. While some have supported Roubini’s stance, others have made counter tweets implying that traditional financial institutions like banks are much more involved in criminal activities than crypto.
Roubini regularly lambastes cryptocurrencies on his Twitter account and while speaking at public events. In July, at the 2019 Asia Blockchain Summit, Nouriel Roubini and BitMEX’s Arthur Hayes had engaged in a “duel-like” debate on cryptocurrencies in Taipei. Both the parties had later released video clips of the tangle, which Nouriel later claimed, to have been “heavily edited” in Hayes’ case.
The events had escalated into an issue of national concern as Roubini ramped up a campaign against Arthur Hayes and his cryptocurrency exchange and derivative trading platform, BitMEX, which led to CFTC reviewing the exchange. The efforts proved productive for Roubini and the exchange’s trading volume crashed heavily and its Twitter handle stopped getting updated. Almost nothing was heard of Hayes himself until he recently tweeted “I traded in a yacht for the jungle. See y’all in September.”
Hayes’ cryptic tweet was trolled by Twitter users who accused him of going underground when his company is being probed by the CFTC.