Founder and CEO of venture capital fund Digital Currency Group, Barry Silbert has struck a positive note for cryptocurrencies and their perspectives for the remainder of 2018. Mr. Silbert has been long known for his bullish outlook on digital assets as an investment opportunity and was among the first big profile names to invest in bitcoin.
Speaking at the Delivering Alpha Conference in New York, he told that, “We’ve probably hit the bottom for the year. I actually put some money into Bitcoin last week. As an asset class, it is here to stay … I’m 100 percent confident a decentralized, non-fiat form of money is here to stay.”
He elaborated that while some say otherwise, there is a chunk of institutional money waiting on the sidelines and sooner or later they will be pumped into the crypto markets. Digital Currency Group has backed over a hundred companies, with many of them being prominent members of the crypto industry, such as Ripple, Coinbase or Circle.
July 16: CEO of BlackRock says there is ZERO institutional interest in crypto
— Barry Silbert (@barrysilbert) July 18, 2018
The so-called ‘crypto king’ has also touched upon technical aspects that suggest an increase of BTC price, saying that, “Over the weekend, there were quite a lot of folks who were talking about TA and the potential formation of either an inverse head and shoulders or a Wyckoff buy off. So it sounds like the technicals were really starting to become more favorable.”
When asked by one of the hosts about unfavourable regulatory outlook and criticism, Mr. Silbert dismissed it as just a part of the economic cycle and shed some light on his own experience with bitcoin telling that, “I started buying Bitcoin in 2012 when the price was ten dollars and I’ve gone through now two 80 percent corrections, and this was a 65 percent correction. It’s the same old criticisms… It’s just they’re [critics] uninformed because everybody on this desk, anyone who spends the time to look into what is this asset class, why is it important, why does it have so much potential comes out of it being a believer.“
Jeremy Allaire, CEO and co-founder of Circle, was also present at the conference and reaffirmed the belief in the future of blockchain, saying that, “This is a new infrastructure layer of the internet. It is going to replace what operating systems do. It is the future of the internet … This just isn’t about digital gold.“
However, Mr. Silbert remains skeptical on most other digital currencies, claiming that, “There are thousands of them (cryptocurrencies) out there. There is only five that we like. There are only five that we have money in. The other 99% I think are going to zero.“
Currently, the Digital Currency Group‘s portfolio is comprised of 50% of Bitcoin, 25% of Ethereum Classic, 15% of ZCash, 5% of Decentraland and a recently-acquired 5% holding of ZenCash.
Image Source: “Flickr”