People Starting to Question The Validity Of Nouriel Roubini's Words

Nouriel Roubini is an economics professor at the New York University and has been more prominent with the tag of Dr. Doom, an alias he got from predicting the economic meltdown of 2008. The Dr. Doom is also termed at times to his never positive thought on cryptocurrencies.
Recently, as part of his speech at the United States Senate committee on technology Roubini noted that cryptocurrency is “the mother of all scams” and the underlying technology, blockchain is described by him as glorified spreadsheet or database.
Also, among others, Roubini stated that Tether’s USDT and other stablecoins are the biggest scams of all, while he claimed that the stablecoin was issued to pump the price of bitcoin to its all-time high.
The USDT token was introduced a year ago while the crypto bubble was on. This created a view among non-cryptocurrency enthusiasts that the digital currency was introduced to aid the cryptocurrency bubble a year ago. Roubini believes that the cryptocurrency bear has no recovery, as the bear will continue till cryptocurrency is no longer valuable.

The USDT Losses Value

The recent loss of value of the token and the disinterest that it has received of recent seems a fulfillment of the thought of Roubini on the cryptocurrency.
USDT has seen a sudden fall in value that has seen it trade at $0.96. Also, the cryptocurrency has experienced many sells off as traders are buying any cryptocurrency in exchange for Tether or USDT.
Notably, the fear of the recent fall in value and sell off has made exchanges such as KuCoin to suspend all forms of withdrawals and deposits of Tether while allowing USDT transactions again in four hours.

Why are Traders Worried

The recent loss in value of Tether has made many worried and also lose interest in the cryptocurrency. Also, a majority of traders have assimilated the notion that the actual dollar does not back the cryptocurrency as the company has failed to provide evidence of its holdings to the public.
The truism of the thought of Roubini on cryptocurrency is he has never been positive as he is an incurable pessimist of cryptocurrency. Though the value loss and the recent sale of the USDT could be adduced as a burst of the bubble of USDT, however, the value and relevance of cryptocurrency remain vital to the future of the world economy.

Related posts
Banking RegulatorBinance.usBitcoin.comBlake PaulsonBrian BrooksCatherine ColeyCoinbaseCryptoCrypto ComptrollerExchangesNewsOCCOffice of the Comptroller of the CurrencyregulatorUS Binance

Former Comptroller of the Currency Brian Brooks to Lead Binance’s US Trading Platform

A former top regulator and acting head of the U.S. Comptroller of the Currency, Brian Brooks has been appointed the CEO of crypto exchange Brooks will lead the exchange on May 1st and replace the company’s current lead, Catherine…
AltcoinsAnalysisHideCryptopanicNewsNews 1Trading View

Cardano Price Analysis: 20 April

Cardano’s price has seen rangebound price movement for more than a month. While the surge that took place at the start of February did seem promising, the coin hasn’t been able to replicate such uThe post Cardano Story continues on…
AltcoinsAnalysisHideCryptopanicNewsNews 1SocialTrading View

Uniswap Price Analysis: 20 April

A lot of the gains Uniswap was able to register in the past month were undone as bearish pressure overwhelmed the crypto market a few days back. While many of the altcoins were quick to recover, UNI?The post Uniswap Story…