Bitcoin

Biden and Yellen will take action against the cryptocurrency “cesspool”.

Bitcoin’s opponent (BTC) Nouriel Roubini believes that the next President of the United States, Joe Biden, will go much further than Donald Trump in controlling cryptocurrencies.

In a fiery one Debate on Twitter December 24th, Known for both his aversion to cryptocurrencies and his ability to label market funds as flaws, Roubini called the sector a “cesspool”.

Roubini to proBitcoin lawyer: “You are delusional”

Roubini replied to Jake Chervinsky, an attorney who was investigating the ramifications of the recent news that US lawmakers were demanding that payments in stablecoin implement identification processes. Chain against money laundering and know-your-customer (AML / KYC).

Biden and Yellen will take action against the cryptocurrency “cesspool”.
Biden and Yellen will take action against the cryptocurrency “cesspool”.

Chervinsky argued that the idea “has no chance” of becoming an enforceable law. Rather, she represented the “personal opinions” of Steven Mnuchin, Treasury Secretary under Trump’s command, will soon be replaced by Biden’s election, Janet Yellen.

“You are insane,” replied a visibly angry Roubini.

“Biden’s team, starting with Yellen who was my boss at CEA, will do much more to tackle this criminal tax evasion against AML-KYC-TFC and crappy coins than Mnuchin. Get a life like you are a cryptocurrency -Become an entertainer. “

Bitcoin and Altcoins refuse to die this year

Cryptocurrency skeptics were fueled this week by news that the U.S. regulator, the Securities and Exchange Commission (SEC), has decided to file a lawsuit against the chain payment network Ripple.. Ripple, the largest investor in the fourth largest cryptocurrency, XRP, saw a 60% drop in value after the news was released.

At the same time, Commentators said Bitcoin had barely responded to the legal challenge. However, surveys have shown this over the long term Many remain concerned that government bans could affect Bitcoin’s success..

Proponents argue that this is impossible. The most effective way to reduce the demand for a fully decentralized asset is for governments to reintroduce free markets with a solid currency standard like gold, which is unlikely..

“You can’t just ban the use of Bitcoin”, summarized last year Saifedean Ammous, Author of “The Bitcoin Standard”.

“If people want to use it, they will find a way. If they want to stop it, they want to undermine the incentive to use it. Nothing would do something like a free market in banking based on a gold standard.”

Bitcoin vs. historical bubbles. Source: James Todaro / Twitter

Meanwhile, The outlook for Roubini if ​​he continues his current attack on Bitcoin and Altcoins is bleak. As the data show Its breakouts almost coincided with the low prices of BTC / USDThis makes the economists a random signal to those looking to enter the market for profit.

Your critic Peter Schiff has a similar track record when it comes to Bitcoin.

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