The Hayes-Roubini debate cannot get here soon enough.
From Libra to the Bitcoin institutional-versus-retail rise, and to the future of the cryptocurrency market, several topics are presently at the fore, topics which would see the two starkly contrasting personalities pick opposite ends of the stick.
However, Arthur Hayes, CEO of BitMEX, has already shown his hand by issuing a bold prediction. In a recent interview with Bloomberg, Hayes stated that Libra, the ‘cryptocurrency’ introduced by Facebook in June, would be the undoing of central and commercial banks.
In what was a quick, but feisty end to the interview, Hayes remarked,
“I think it [Libra] will destroy commercial and central banks.”
Libra, the digital asset unveiled by Facebook, was touted as one of the contributing factors to the Bitcoin price rise in June. The ‘cryptocurrency’ will be primed to takeover the payments realm, backed by a basket of fiat currencies with the likes of MasterCard, Visa, Uber, and PayPal forming a “consortium” for “internal governance” purposes, complete with a $10 million buy-in for the same.
However, Hayes isn’t riding high on the Libra train.
In a recent op-ed titled, “Zuck Me Gently,” the BitMEX CEO laid out his thoughts on Libra for all to see. He opened by stating that Facebook’s crypto-project is a certain death knell for stablecoins,
“Libra will destroy all stablecoins, but who gives a fuck. I shed no tears for all those projects that somehow believed there was value in a an unheard-of sponsor creating a fiat money market fund that rode on a blockchain.”
In his opinion, both central and commercial banks will also be hit hard.
“Libra could lay commercial banks and central banks low.