Home / Markets News & Opinions / BitMEX CEO Rips Bitcoin ‘Hater’ Roubini, Praises Facebook’s Libra

BitMEX CEO Rips Bitcoin ‘Hater’ Roubini, Praises Facebook’s Libra

Last Updated March 4, 2021 2:37 PM
Samantha Chang
Last Updated March 4, 2021 2:37 PM

Bitcoin archnemesis Nouriel Roubini is a “no-coiner hater” who’s upset that he didn’t buy crypto sooner. That’s the opinion of Arthur Hayes, the CEO of the Bitcoin Mercantile Exchange (BitMEX), the world’s largest bitcoin derivatives trading platform.

Arthur Hayes: Roubini Is a Toxic ‘No-Coiner’

Hayes told Bloomberg  that Roubini is a disgruntled killjoy who repeats anti-crypto talking points because he’s suffering from FOMO.

“He’s a hater. He’s a no-coiner — someone doesn’t have any bitcoin and watched the price rocket in their face over the past few years.”

Hayes is scheduled to debate Roubini on July 3 at the 2019 Asia Blockchain Summit in Taipei.

Crypto fans are looking forward to a fiery discussion, especially since Hayes and Roubini have been trash-talking each other in the lead-up to the debate.

Bitcoin Titan Arthur Hayes: ‘There’s Real Trading Going On’

Hayes says he’s annoyed by industry gadflies like Roubini, who claim that crypto trading volumes are fake and the market is being manipulated.

“We beg to differ. There’s actually real trading going on. We did about $1 trillion dollars over the past year, so the trading volumes speak for themselves. There’s something going on in crypto. And the price action and volumes speak for it.”

When asked why the bitcoin price has been so volatile lately, Hayes says it’s rebounding after the brutal 2018 bear market.

Hayes claims that the spike in weekend trading volumes suggests that retail investors are behind the escalating trading activity.

bitcoin price chart
Arthur Hayes says that retail investors are returning to the crypto market. | Source: Yahoo Finance

‘Facebook’s Libra Will Destroy Commercial Banks’

Arthur Hayes believes the crypto market is being buoyed by several bullish developments, such as the launch of Facebook’s Libra “cryptocurrency” and institutional investors expressing interest in crypto.

“I think it’s still a retail phenomenon. The [bullish] sentiment is back…The purpose of bitcoin and these crypto assets is to become your own financial institution and custody your own assets.”

Cryptocurrency enthusiasts are divided in their opinions about the impact that Facebook’s Libra coin will have on the industry. However, Hayes has no doubt about the revolution he claims it will usher in.

“Facebook’s Libra will destroy commercial and central banks.”

Hayes: Bitcoin Could Be Worth a Lot or Zero

When asked why anyone should buy cryptocurrencies, Hayes says it’s because bitcoin could be worth a lot of money in 10 years — or it could be worth zero.

So basically, Hayes admits that buying bitcoin is a bit of a gamble. But he says it could pay off huge, so why wouldn’t you invest in it?

Hayes’ measured analysis makes his assessments seem credible, as compared to the over-the-top hyperbole of bitcoin shills.

On the flip side are intractable haters like NYU econ professor Nouriel Roubini, who completely dismiss crypto and can’t even admit it has disruptive potential.

Roubini Has Been Predicting Doom for Years

As CCN.com reported, in addition to hating bitcoin, Roubini is a perma-bear who has been forecasting a worldwide economic crash for years. In fact, his “specialty” is identifying financial bubbles.

That means he always looks for the cloud in the silver lining. In 2012, Roubini predicted  that 2013 would usher in a global financial crisis. That never happened.

Roubini has been incorrect in other economic projections over the years, and never foresaw that the crypto industry would enjoy the meteoric rise it has during the past three years.

But he wants you to take his word now that bitcoin and blockchain are totally worthless.

Indeed, Roubini stands by his statement that bitcoin is “the mother and the father of all bubbles” and it’s bursting now. And if you don’t believe that, you’re a hopeless loser.