How do Crypto executives perceive on Roubini’s “Damning” & “Demoralizing” US Senate Hearing?

The Renowned American Economist Nouriel Roubini and CoinCenter director of research Peter Van Valkenburg testified before the U.S. Senate Committeeto discuss the cryptocurrency and blockchain ecosystem. American economist Nouriel Roubini has prepared his “demystifying” of the crypto and blockchain space in a 30-page testimony has delivered at a U.S. congress hearing.

Ken Nguyen, CEO of Republic, the AngelList & NEO Global Capital-backed crowdfunding platform for start-ups and blockchain projects, mentions"Roubini's prepared remarks argue that cryptocurrencies are not a viable unit of account, means of payment or store of value. Elsewhere, he also stated that Bitcoin can't scale and is not decentralized. I generally disagree, and find these damning statements mostly good for their entertainment value, but not particularly thoughtful. Bitcoin and ether are very much viable means of payment, and their "stored value" characteristics are not disputed by market participants or regulators. Any deficiency to date with respect to scalability or absolute decentralization can and will be improved over time. CoinCenter's viewpoints are more nuanced and balanced, but that's not what gets the attention these days."

Dr Doom flustered his grievances with crypto, perceiving it “the mother or father of all scams and bubbles” and dubbing blockchain as a “glorified database.” He also claims that no one uses these technologies besides criminals and those who plot terrorist acts, stating that blockchain creates environmental damage, that crypto is not scalable, and that decentralization is a farce.

Besides, the blockchain and crypto industry veterans offer commentary that stand against Dr. Roubini’s comments, where they discuss why his claims are unfounded and evidently false. 

Mick Hagen, CEO of Mainframe, the blockchain-powered network enabling censorship-resistant data transfer, file store, and transaction management: "Dr. Roubini’s comments today, specifically that there is no potential for institutional integration of blockchain technology, are completely unjustified. This year we’ve seen exploding interest from legacy financial institutions to find ways to work with, not against, adoption of blockchain’s immutable ledger. Roubini’s recommendation that financial services rely on permissioned databases — technology from the 80s — reflects a school of thought that places strangleholds around innovation and competitive advantage in the global economy. Furthermore, his arguments that the current ecosystem isn’t decentralized at all because of a hotbed of mining efforts led by other countries (while misleading) highlights the pressing need to create a friendlier regulatory environment in the United States for participation in the development of decentralized technology."

Overall, Roubini’s testimony asserts that the crypto “bubble” of 2017 that was predominantly driven by the FOMO (fear of missing out) of “clueless retail investors.” 

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -46 levels (which is bearish), while hourly USD spot index was at -53 (bearish) while articulating (at 11:02 GMT). For more details on the index, please refer below weblink:

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