The founder of Digital Currency Group, Barry Silbert, says the Bitcoin bottom is here. He says the “bears ran out of energy”, they literally have no more Bitcoin to sell, that a large number of institutional investors were looking for an opportunity to get into the market, and the market technical analysis is starting to look “pretty good”. This is in reference to the current Bitcoin rally that has seen Bitcoin rise from USD 6,200 to USD 7,500 in less than a week, the biggest since April 2018.
Silbert illustrates his point by referring to the recent congressional meeting, where the Fed Chairman and others gave negative outlooks about Bitcoin. Despite the negative remarks from top government officials, Bitcoin price held steady, which he says is a “really bullish sign”. He says with the government so against Bitcoin, investors are fighting the current, but is excited about that because “you make the most money when swimming upstream”.
He adds that the Bitcoin market downturn during the first half of 2018 is normal. He personally experienced two larger crashes than the 2018 bear market. He believes that most of the negative hype surrounding the bear market is from uninformed people, and that if they would educate themselves they would probably change their mind and invest.
When asked about institutional investment by a CNBC host, Silbert referenced the Grayscale Investment numbers for the first half of 2018 that showed institutional money pouring into crypto, and institutional investment comprises 56% of the money held by Grayscale Investments. Like other experts, Barry Silbert says proper custodial solutions for cryptocurrency are essential for institutional investment. Coinbase, the biggest Bitcoin exchange in the United States, recently launched a crypto custodian service, joining Xapo and BitGo.
Silbert says the best way to invest in crypto besides holding it is to invest in the infrastructure that will provide onramps and offramps for Wall Street’s money, including wallets and exchanges. He says investing in crypto will become progressively easier and more socially acceptable for institutional investors.
The Digital Currency Group, which Barry Silbert runs, has 50% of its crypto assets in Bitcoin, 25% in Ethereum Classic, 15% in Zcash, 5% in ZenCash, and 5% in Decentraland which is a blockchain-based game.
Barry Silbert predicts that the second half of 2018 will see market consolidation and the establishment of investment infrastructure, followed by a big year for crypto in 2019.
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