The U.S. Senate Committee on Banking, Housing and Urban Affairs learned the pros and cons of cryptocurrency and blockchain technology from economist Nouriel Roubini, aka Dr. Doom, and Peter Van Valkenburgh, director of research at Coin Center.
Roubini, known for predicting the 2008 financial crisis, jumped right in, calling cryptocurrency “the mother and father of all scams” and blockchain “the most overhyped technology ever and is no better than a glorified database.”
Valkenburgh, meanwhile, said that while not perfect, crypto has many positive uses such as improving the financial situation of many. “Bitcoin’s (BTC) not the best money on every margin. It’s not yet accepted everywhere. It’s not used often to quote prices and it’s not a stable store of value. But it is working, and the fact that it works without intermediaries is amazing,” he testified.
One of the things concerning the 25 senators present is the use of cryptocurrency by criminals, CoinDesk reported.
Yes indeed, criminals are using cryptocurrency for tax evasion, among other crimes, Roubini said, because its anonymity allows criminals to hide from the legal authorities. Van Valkenburgh countered that “several law enforcement officials and investigators” enjoy doing blockchain investigations because those activities can be so easily tracked.
You get the idea. Call this fight a draw. Read more here.