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Nouriel Roubini Gloats Over Crypto Banking Crisis

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Mon, 13/03/2023 - 16:03
Nouriel Roubini Gloats Over Crypto Banking Crisis
Cover image via U.Today
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Turkish-American economist Nouriel Roubini has gloated over the collapse of several crypto-related banks in a Monday tweet.

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"All banks doing crypto biz are collapsing. Good riddance," he added.

Signature Bank, a financial institution based in New York that is known for being a major player in the cryptocurrency industry, was closed by state regulators on March 12. Notably, it became the third-largest bank failure in the history of the U.S.

It had total assets of about $110.36 billion and total deposits of roughly $88.59 billion as of late December. It had become the largest banking institution to offer cryptocurrency deposits.

The closure came two days after the implosion of Silicon Valley Bank and shortly after the impending liquidation of Silvergate Capital. All of these banks had one thing in common: their strong support for the cryptocurrency industry.

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The recent closures of crypto-friendly banks have caused significant disruptions to the crypto industry and its clients.

Roubini's recent comment reflects his belief that cryptocurrencies are a dangerous and unstable investment, and that banks that deal with them are putting themselves at risk.

The controversial economist, who is mostly famous for predicting the 2008 crisis, also appears to believe that the collapse of these banks is a sign that the wider market for cryptocurrencies is also collapsing. This would help to further validate his previous criticism of crypto.

As reported by U.Today, Roubini predicted that the entire cryptocurrency industry would go "extinct" due to the high risks involved and warned that other prominent crypto companies are at risk of bankruptcy.

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