A well-known economist, who predicted the financial crisis of 2008-2009, has called cryptocurrencies a bubble, crypto-investors were charactarized as fools, and blockchain wass called an Excel spreadsheet.

The discussion on cryptocurrencies, which took place at a conference at the Milken Institute in Beverly Hills, California, turned into a squabble of opponents and supporters of the idea of ​​decentralization.

“All this talk of decentralization is just bullsh*t,” said Nouriel Roubini, a professor at New York University and world-renowned economist. He again called cryptocurrencies a bubble, and said that people who "arrived late to the party are the suckers."

The blockchain in Roubini's speech was called the "glorified Excel spreadsheet."

"Everything you just said is irrelevant," replied Alex Mashinsky, the founder of the Ethereum-based cryptocurrency platform Celsius Network, to Roubini's comment.

“I don’t even know where to begin,” Bill Barhydt, who worked on cryptography for the CIA and Abra's founder, responded to Roubini.

When Mashinsky noted that cryptocurrencies allow people to bypass banks, Roubini exclaimed:

“You’re just making stuff up.”

Moderator of the discussion, Reuters reporter Anna Irrerf even had to announce for a time out to cool all that passion.

Brent McIntosh, general counsel for the U.S. Treasury, then joined the conversation. He concluded the discussion, noting that Where this all goes, I don’t think anyone knows.”