A new Ethereum token called “Wrapped Bitcoin” just launched Thursday. How Wrapped Bitcoin Works The purpose of the new cryptocurrency is to enable Bitcoin users to “participate in Ethereum smart contracts natively on the Ethereum blockchain.” Last October Bitcoin custody company BitGo announced a partnership with Kyber Network and Republic Protocol to launch Wrapped Bitcoin (WBTC), a token on the Ethereum blockchain that acts as a 1-to-1 token backed by Bitcoin reserves. In a blog post announcing the new token BitGo stated: “WBTC users will be able to utilize Bitcoin in a wide variety of new decentralized use cases, including
Noted economist Nouriel Roubini sounded off on virtual currency and blockchain in a recent Senate hearing. The NYU professor classified cryptocurrency as a big scam and a bubble.
Prominent economist Nouriel Roubini is one of the few who accurately predicted the 2008 financial crisis.
Currently a professor at the New York University Stern School of Business, Roubini has been a notable and colorful critic of cryptocurrency and blockchain technology. He made a number of passionate arguments against both at a recent hearing on Capital Hill on October 11th.
The hearing was titled “Exploring the Cryptocurrency and Blockchain Ecosystem.”
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