According to Nouriel Roubini, who posted on Twitter, Bitcoin and other cryptocurrencies may decline much more from their current levels if Digital Currency Group (DCG) files for bankruptcy and its subsidiary Grayscale is apparently unable to show that there are assets backing GBTC.
Additionally, “Dr. Doom” Roubini has increased his condemnation of the “four Gs,” which also includes Grayscale and Genesis Global Capital’s liquidity issues, after criticizing CZ of Binance once more. Both have connections to DCG.
Professor of economics at NYU Nouriel Roubini recently targeted the “Crypto’s Gansta G Gang of Four” in a tweet. These four well-known cryptocurrency businesses include Grayscale and Genesis Global Capital, two of which are connected to Barry Silbert, a crypto billionaire, and his Digital Currency Group.
The crypto market’s values, according to “Dr. Doom,” could decrease given the possibility of Digital Currency Group’s insolvency as a result of its exposure to Genesis Global Capital. The latter recently froze withdrawals. Following suit was its partner Gemini Earn run on the Winklevoss exchange.
Many – 3AC, Alameda – tried that trade and went bankrupt. Discount can get bigger given bankruptcy risk for DCG (given its exposure to Genesis) and no proof that GBTC has the assets it claims to have. Crypto is the Mother Of All Scammy Houses of Cards. And it is imploding now! https://t.co/W8XFn5AFjC
— Nouriel Roubini (@Nouriel) November 19, 2022
He tweeted that the four major businesses, including Mike Novogratz’s Galaxy Digital (which invested in FTT), are currently facing severe difficulties.
Crypto’s Gansta G Gang of Four: Genesis, Grayscale, Galaxy, Gemini
Now all in huge trouble and/or collapsing.
From the Moon all the Lunatics are now crashing down to Earth! https://t.co/mzA9eLJmde pic.twitter.com/Ihff2WBsWM
— Nouriel Roubini (@Nouriel) November 19, 2022
