Nouriel Roubini says tether is a scam and without it Bitcoin would fall 80%
Dr Doom takes his bearishness to cryptocurrencies
Economist Nouriel Roubini today said cryptocurrency Tether is a scam and it's used to manipulate Bitcoin prices.
Tether is a cryptocurrency that's supposedly tied 1:1 to the US dollar however the creators have been less-than-forthcoming with proof that they have all the dollars. They also have connections to Bitfinex and the Panama Papers.
I've written about the worries related to Tether recently and more people are starting to ask questions.
Now, Roubini is bearish on everything, so take it with a grain of salt. On the other hand, it's one more voice asking questions about Tether, which is literally creating money our of thin air.
If this is the scam that brings down crypto, it would be the height of irony. Digital currencies were adopted at least partly because people were wary of central bank printing. Instead it will be Tether printing that destroys them.