One of the most renowned crypto detractors of our time is none other than Nouriel Roubini. The New York University professor and economist has never missed an opportunity for bashing cryptocurrencies. In fact, the professor has been dubbed ‘Dr. Doom’ and in his latest tirade, he focused on the most recent development that occurred in the crypto space; the crypto integration by PayPal. He shared his first response to the crypto integration announcement made by payments giant PayPal in a tweet. He shared the link of a post penned down by a blockchain journalist, David Gerard. The not-so-famous journalist’s blog usually focuses on the dark sides of the blockchain and crypto space.
This has led to the assumption that he is also a crypto detractor, very much like Roubini. In Gerard’s latest blog post, the journalist discussed the decision taken by PayPal to allow its users to buy and hold cryptocurrencies, along with its decision to not charge any transaction fee from its customers for the rest of the year. Gerard referred to both of these moves as ‘very dumb’. The journalist shared a very pessimistic history, detailing how the former President at PayPal, David Marcus had departed the company for co-founding the controversial Libra stablecoin by Facebook.
He directed a lot of criticism at the company’s strategy, stating that they were just providing ‘bored day-traders’ an opportunity to gamble on digital assets. Gerard shared the same sentiment that’s highlighted by most of the crypto detractors as a last resort; the Bitcoin price and market are nothing but facades. He said that crypto trading had been hot back in the 2017 bubble, but it is no longer the case. Gerard added that Bitcoin’s price this year is manipulated heavily, as there is not much retail trade in the thinning market. According to him, the issuance of tethers is the only reason that Bitcoin’s price has gone up.
While most of this bashing is expected and subjective, it does discuss the lack of withdrawal options that are available to PayPal users. In their press release, the company had confirmed that customers would only be able to deposit and spend their digital assets from the app. Withdrawals will only be made via fiat. Hence, users will not have a lot of incentive for topping up their PayPal accounts if they are not allowed to withdraw their assets. Detractors like Roubini and Gerard are not unexpected in the crypto market.
Their whole purpose is to make unfounded accusations and false statements against the industry and then sit back to see what sticks. On several occasions, Roubini has claimed that Bitcoin will come crashing down and its investors will be left in debt. Bitcoin is either considered a tool for aiding and abetting criminals or its surge is considered a result of market manipulation. The statements change constantly, but the focus remains the same; bring down the crypto space by claiming it will not survive in the long run for one reason or the other.
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