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Nouriel Roubini Gloats Over UK Push to Ban Crypto Derivatives
Economics professor and renowned crypto basher Nouriel ‘Dr. Doom’ Roubini is extending his rivalry with BitMEX CEO Arthur Hayes beyond the debate stage.
Hours after debating Hayes in Taipei during the 2019 Asia Blockchain Summit, Dr. Doom hailed the proposal by the UK’s Financial Conduct Authority to ban crypto derivatives in the region, saying the tide had turned from “buy, buy to bye-bye.” This was in a jab at BitMEX and Hayes.
Tangle in Taipei continued
According to Roubini, BitMEX’s business model is “shady” and relies on exploiting unsophisticated investors.
@cyptohayes spent half of the debate today defending his shady biz model of peddling 100x leverage crypto derivatives to retail suckers. Today UK's FCA proposed to ban his thuggish BitMEX biz model. From buy buy to bye-bye for crypto derivatives in the UK https://t.co/ZsQKqjAgWA
— Nouriel Roubini (@Nouriel) July 3, 2019
Dr. Doom also equated BitMEX’s business model to “drug pushing.” This is because it recklessly allowed “retail suckers” in the crypto space leverage of up to 100 times. Consequently, Roubini welcomed the FCA’s decision to “destroy BitMEX.”
UK to destroy Bit MEX & @cryptohayes "drug pushing" business model 4 "degenerate gamblers" (retail suckers) that bankrupts them with reckless 100X leverage & then profits from liquidating them:
UK Markets Watchdog Proposes Retail Ban on Crypto Derivatives https://t.co/zmn3p1MKdP— Nouriel Roubini (@Nouriel) July 3, 2019
While Dr. Doom may already be celebrating the FCA’s move, it may be too early to try to predict where the chips will fall. The FCA has merely issued a consultation paper that may or may not result in a ban on crypto derivatives in the UK.
