Famed economist Nouriel Roubini believes Biden's upcoming administration will be more stringent towards cryptocurrency regulations. Roubini has been a vocal critic of Bitcoin, once calling the cryptocurrency the mother of all bubbles. In a recent Twitter debate, Roubi struck the cryptocurrency once again while calling the industry a cesspool.
On Dec. 24 Roubini responded to Bitcoin lawyer, Jake Chervinsky’s tweet on Mnuchin’s latest demand that stablecoin payments should be implemented on-chain with AML/KYC identification processes.
Chervinsky argued that the idea currently had exactly zero chance of becoming an enforceable law as according to the lawyer, it only represented a personal view of Mnuchin. Steve Mnuchin is the Treasury Secretary under Trump soon to be replaced by Biden's pick, Janet Yellen.
Roubini joins the conversation saying that Chervinsky is only delusional for being so hopeful towards the crypto sector, saying:
U.S. lawmakers have recently taken stricter action towards the crypto sector with SEC's latest stride towards filing a lawsuit against XRP’s parent company Ripple. Following the lawsuit, XRP’s value dropped by almost 60%.
Roubini has been a long Bitcoin critic, believing it has no intrinsic value. He even once said that assets such as bonds, stocks, real estate, or precious metals either provide income, capital gains, or some form of utility, while Bitcoin has none, adding:
The economist also says that there is academic research to suggest that stable coin Tether was created by fiat to manipulate the price of Bitcoin.