CEO of the venture capital company Digital Currency Group: crypto-winter is ending
“Crypto-winter is likely to be coming to an end,” said a senior executive at the major US blockchain venture capital, Digital Currency Group (DCG), in an interview with Bloomberg Technology on June 11.
Barry Silbert, founder and CEO of DGG, described the cyclical nature of the ups and downs of the important bitcoin cryptocurrency (BTC), which supposedly means that the recent price increase of cryptocurrencies would only continue.
Silbert, who is known as a crypto-investor in series, specifically pointed out that bitcoin’s price dynamics behaved like “a roller coaster,” since they fell by 80% four times since 2011, only to then reach another historical record. Based on this – and next to the recent rebound of the markets after a severe bear market of 2018 -, Silbert said: “it seems that, perhaps, we are coming out of a crypto-winter and entering a cryptoprimavera”.
The DGG executive also pointed out the large participation of institutions in the crypto industry, stating that this has grown enormously since the last bull market in 2017, when Bitcoin reached its historic record of USD 20,000. Citing major crypto-institutional initiatives, such as Fidelity’s upcoming offer of custody of bitcoins, Silbert said that the institutional participation of 2017 compared with the current interest of the institutions is “really like day and night”.
Earlier this year, Silbert had predicted that most digital tokens would lose their long-term value, stating that almost all initial coin offers (ICO) were “just an attempt to raise money, but there was no use for it. the underlying token. “
Recently, former JPMorgan executive and current blockchain researcher Tone Vays expressed skepticism about the assumption that the winter of the cryptocurrency was over. Contrary to Silbert, Vays argued that the recent increase in the prices of the crypts was supported, mainly, by internal capital, which he considered unstable in comparison with the external money that entered the space.
Meanwhile, bitcoin has just surpassed the $ 8,000 threshold again after yesterday fell below that price point.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.