Nobel-prize winner, and noted cryptocurrency critic Nouriel Roubini, today unleashed a furious tirade against Paypal over their decision to support cryptocurrencies. Roubini claims the move will be damaging to Paypal’s customer base.
Roubini’s Twitter account shared an article written by David Gerard, another fervent critic of cryptocurrency. In the article, David accuses them of “crypto gambling” and endangering its customers.
Gerard goes so far as to imply that the company has chosen to support cryptocurrency to more efficiently scam its customer base. Continuing with his audacious claims, Gerard writes:
“I’m baffled that PayPal would offer this. Are they trying to get into the boring day-trader market that apps like Robinhood live off, except cryptos rather than stocks?”
Despite what the two critics would have you believe, the response to Paypal’s decision from within the crypto community has been far from universally positive. This is because of what many of them perceive as flaws in the company’s cryptocurrency system. Chief among these criticisms from industry insiders is the inability to withdraw crypto from PayPal’s proposed platform.
The furious essay also propagates baseless conspiracy theories about the stablecoin platform, Tether. The largest issue of Stablecoin on the Internet, Gerard accuses Tether of market manipulation and other underhanded tactics. Roubini has also repeatedly criticized the platform following similar lines of attack, writing a piece of his own accusing Tether of masterminding Bitcoin’s June rally.
Roubini’s Week Ruined by Paypal
PayPal’s decision to endorse and support cryptocurrency on its platform has caused Bitcoin’s value to spike to the highest it’s been all year. This is probably why the ire of Roubini and Gerard has been aroused so ferociously.
Earlier this month, Roubini created a self-congratulatory post on Twitter, referring to a piece he wrote in July 2019 about the disgraced former director of BitMEX, Arthur Hayes. Earlier this month, the DOJ indicted Hayes and other directors of BitMEX on money laundering charges.