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DCG founder Barry reflects on his crypto assets career: from first encountering Bitcoin to founding Grayscale and the bankruptcy of Genesis.
Gate.io News bot message, according to PANEWS report, DCG founder Barry first encountered Bitcoin in 2011, learning about this emerging asset through a Wired article and Jason Calacanis’s podcast. He subsequently purchased hundreds of thousands of dollars in Bitcoin at a price of $7-8 on the Mt. Gox platform and used some of the Bitcoin to buy gift cards worth $2000-5000.
Barry invested early in multiple cryptocurrency projects, including Coinbase, Chainalysis, and Ripple. He later founded a Bitcoin investment product similar to the SPDR Gold ETF - Grayscale.
After the 3AC collapse, Genesis revalued its balance sheet at market value, resulting in a capital shortfall, which ultimately led to Genesis shutting down its business and filing for bankruptcy.