Nouriel Roubini believes Biden will crush the cryptosphere

by in Cryptocurrency News

Nouriel Roubini

While billionaire Mike Novogratz expects the new White House administration to be Bitcoin-friendly, economist Nouriel Roubini, by contrast, believes Joe Biden will hit the cryptosphere.

In his opinion, the new team will be tougher on digital currency than the administration of the still incumbent US President Donald Trump.

Roubini expressed his position on Twitter and called the crypto market a "cesspool." This economist is on the list of bitcoin's ardent opponents. Like the financier Peter Schiff, he believes that BTC is a speculative instrument or a "bubble" that will inevitably "burst" soon.

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If Janet Yellen heads the Treasury, she will convince Biden to strike a blow at the cryptocurrency industry. In addition to the speculative nature of the instrument, the economist pointed to the extremely low performance of bitcoin.

Back in November, Roubini stressed that now the BTC network processes no more than five transactions per second. At the same time, the Visa payment system processes up to 25,000 transactions during the same time.