As the old saying goes “haters gonna hate.” Even though this phrase has roots in the American hip hop scene, it also pertains to those in the cryptocurrency industry. Perhaps the leader of all crypto haters is ‘Dr. Doom” himself, Nouriel Roubini. It’s no secret the man hates crypto but now, he is going all in with a new blockchain hate speech. Yet, new advancements in the technology like bitcoin micro loans just might prove him wrong.
NOURIEL ROUBINI SLAMS CRYPTO: BITCOIN MICRO LOANS ON THE RISE
In the past, Nouriel Roubini has stood in front of the SEC demanding them not to support a Bitcoin ETF. He also has infamously called crypto a “scam” and worse than any bubble we’ve ever seen. Now, his latest claim is that cryptocurrency “as technology has no basis for success.” To poke fun at crypto enthusiasts, even more, Roubini said all crypto investors are arrogant, ignorant and fanatic. Yet, Roubini seems to be overlooking some fascinating aspects of this industry like bitcoin micro loans.
NOURIEL ROUBINI DOES NOT UNDERSTAND CRYPTO; BITCOIN MICRO LOANS TAKE CENTER STAGE
Is there a chance that Nouriel Roubini doesn’t even know what he is talking about? The man is smart, but he seems a bit ignorant of the vast benefits cryptocurrency offers. Take Bitcoin micro loans for example. These crypto lending platforms help people without banks take out a loan. While most people use this loan for crypto investment purposes or for crypto mining expenses, it has vast potential. For the developing world, banks are a luxury. Crypto helps open the doors to the global economy for these individuals without banks.
Sure, there are a fair amount of individuals in this industry for personal gain only, but to call the whole thing a wash is both arrogant and ignorant Mr. Roubini.
NOURIEL ROUBINI AND THE FUTURE OF BITCOIN MICRO LOANS
One could go on about the benefits of crypto lending, but let’s take al look at one prime example. FinTech platform YouHodler is one such organization that brings innovation, transparency, and regulation to the crypto industry. Unlike sleazy loan platforms that only offer a 50% loan to value ratio, this one has 80% and more crypto as collateral options than the rest. Furthermore, it has bank wire, crypto and credit/debit card as collateral.
For those looking to get instant cash loans without having to sell their crypto, this is the platform to do it. They are also one of the few platforms to partner with The Blockchain Association, meaning clients have direct access to conflict resolution should it occur. Regulation and innovation are the new faces of crypto and Nouriel Roubini needs to get informed.