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Things got a little heated when Nouriel "Dr. Doom" Roubini and bitcoin bull Michael Novogratz clashed at SALT on Wednesday.

The bear's take

Roubini slammed bitcoin as the “mother and father of all bubbles and busts.”

The NYU professor pointed out that bitcoin’s crash was deeper than history’s other bubbles like the dotcom boom and even the tulip mania of the 1630s.

Roubini said bitcoin is subject to “massive manipulation” and has “no future as a currency.”

The bull's take

Novogratz, the CEO of Galaxy Digital, believes the future is very bright for bitcoin despite the price collapse. He pointed to moves by establishment players like Fidelity into the crypto space and bitcoin’s $100 billion market cap.

The debate is already over. Bitcoin won,” Novogratz said.

Bitcoin has spiked more than 60% this year, rebounding from its recent crash.

Roubini repeatedly took issue with Novogratz cutting him off, saying at one point “let me finish."

Novogratz tried to make peace with Roubini at the end of the panel by making a friendly bet. 

If bitcoin finishes the year above its current price of roughly $6,000, Roubini would have to wear a t-shirt saying bitcoin is great. If bitcoin ends the year below $6,000, Novogratz offered to wear a t-shirt saying: “Nouriel was right."

Roubini declined the offer, saying: “I don’t care about the price of bitcoin."

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https://www.cnn.com/business/live-news/stock-market-news-today-050819/index.html

2019-05-08 21:37:00Z
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