Bitcoin (BTC) naysayer Nouriel Roubini believes that incoming U.S. president Joe Biden will go much further than Donald Trump in decision-making cryptocurrency.

In a fiery Twitter contend on Dec. 24, Roubini, who is known for both his dislike of crypto and his power to call market bottoms past fault, called the sector a "cesspool."

Roubini to pro-Bitcoin lawyer: "Yous are delusional"

Roubini was responding to Jake Chervinsky, a lawyer studying the fallout from the contempo news that U.S. lawmakers were enervating that stablecoin payments implement on-chain Anti-Coin Laundering and Know-Your-Customer (AML/KYC) identification processes.

Chervinsky argued that the idea currently had "exactly goose egg chance" of condign an enforceable law. Rather, it represented the "personal views" of Steven Mnuchin, the Treasury Secretary under Trump presently to be replaced by Biden'due south pick, Janet Yellen.

"You are delusional," a visibly irate Roubini retorted.

"Biden'south team, starting with Yellen who was my dominate at CEA, will crack downwards on this criminal taxation evading & AML-KYC-TFC-evading crypto/shitcoins cesspool much more than Mnuchin. Get a life every bit y'all accept become a crypto hired gun cheerleader/enabler."

Bitcoin and altcoins refuse to die this year

Cryptocurrency skeptics have been buoyed this week by news that U.South. regulator the Securities and Exchange Commission (SEC) had decided to file a lawsuit confronting blockchain payments network Ripple. The largest investor in the fourth-largest cryptocurrency, XRP, Ripple saw a 60% drop in the value of the token one time the news became public.

At the same fourth dimension, commentators noted that Bitcoin had barely reacted to the legal challenge. In the long term, however, surveys have shown that many remain concerned almost the potential for government bans to impact Bitcoin'south success.

Proponents argue that this is impossible. The most effective way of reducing demand for a fully-decentralized asset, they claim, is for governments to reintroduce free markets on a sound budgetary standard such as gold — an unlikely eventuality.

"Bitcoin tin't be easily banned," Saifedean Ammous, author of "The Bitcoin Standard," summarized terminal year.

"If people want to use it, they'll find a mode. If you want to terminate it, you want to undermine the incentive to use information technology. Nix would do that like a free market in cyberbanking based on a gold standard."
Bitcoin vs. historical bubbles comparative chart. Source: James Todaro/ Twitter

Meanwhile, the outlook for Roubini if he continues his current lambasting of Bitcoin and altcoins looks bleak. Every bit data shows, his outbursts have almost exactly matched local price lows for BTC/USD, making the economist an accidental bellwether for those looking to enter the market to profit.

Fellow detractor Peter Schiff has a similar rail record when it comes to Bitcoin itself.