Roubini calls crypto 'mother and father' of bubbles; Novogratz says bitcoin is 'a small miracle.'
Two prominent market voices squared off Wednesday over the future of cryptocurrencies in a debate that ended with a bet over a T-shirt.
"Bitcoin is at $6,000 now," Novogratz told Roubini during a panel discussion at the SALT 2019 conference in Las Vegas."If at Christmastime it's above $6,000, you have to wear a shirt that says, 'I love bitcoin.' If it's not, I will wear a T-shirt saying, 'Nouriel was right.'" However, he earlier launched a barrage of criticism against the $186 billion industry, saying its products like Bitcoin and Ethereum lack the fundamental qualities of currencies and shouldn't be labeled as such.The term 'cryptocurrency is totally a misnomer," he later added."To be a currency, you have to be a unit of account, valuable and a scalable means of payment."
"I've never seen such a level of manipulation," said Roubini, whose remarks drew a round of audience applause."The reality is, these are not currencies."Pointing to bitcoin's price recovery after a vicious tumble in 2018, the former head of Fortress Investment Group said bitcoin still has widespread acceptance and interest.
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