“Most” is an understatement; they are all pretty much on the way to total extinction. The bloodbath has only started
BlackRock’s Fink Says Most Crypto Firms Will Fold Following FTX’s Implosion https://t.co/wfoXYIuiEW
– Nouriel Roubini (@Nouriel) December 1, 2022
Nouriel Roubini believes that most crypto-currency companies are now on the verge of extinction after a series of bankruptcy filings by various companies in the sector.
Last week, a New York University professor said that Binance, the largest crypto-currency exchange in terms of reported trading volumes, was going under and that it would be “much worse” than FTX. His assumption is partially based on the fact that Binance has not yet revealed the location of its headquarters and its accounts remain opaque. Nouriel Roubini is also extremely pessimistic about BNB, Binance’s native token, which he calls “scammy vaporware“.
His latest warning comes after Larry Fink, CEO of BlackRock, predicted that most crypto-currencies would fail during a speech Wednesday at the New York Times DealBook Summit.
“Dr. Doom“who predicted the global financial crisis, called Larry Fink’s comments “a bit of a joke.euphemism“, offering a much darker vision.
In a separate tweet posted on November 30, Nouriel Roubini argued that 97% of initial coin offerings were scams that went bust, adding that corrupt spending is “standard“among all the crypto-currency projects that are led by “gangsters“. Before that, Nouriel Roubini had also called crypto-currencies “the biggest criminal hold-up in human history“.
Lavish spending is standard in ALL crypto projects. 97% of 20k ICOs were a scam or went bust. Billions raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs, “massages” & evade taxes in PR/Caribbean https://t.co/t6glIRoffD
– Nouriel Roubini (@Nouriel) November 30, 2022
Nouriel Roubini has been one of the leading critics of crypto for years. In 2020, he called the entire crypto industry “a scam“. Feeling vindicated after the recent FTX-induced crash, Nouriel Roubini has stepped up his anti-crypto rhetoric in recent weeks.