Digital Currency Group (DCG) founder, Barry Silbert rings an alarm for most cryptocurrencies while optimistic only on Bitcoin. Accordingly, he says, ‘Bitcoin is still king and believe ‘most crypto tokens will go to zero’.
Most Cryptocurrencies Will Fail – But Bitcoin Will Still Rule The Market
During an interview with CNBC, Grayscale’s Fund Manager, Barry Silbert talks about the rise of ICO, Bitcoin growth and the future of cryptocurrencies. He says that
“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,”
Berry’s bullish bet on Bitcoin is not an incident, rather he is an early investor in bitcoin and undergone various market fluctuations. According to him, all of these price plunges were a full recovery. Sources quoted, ‘Berry is as bullish as he has ever been on Bitcoin‘.
Nevertheless, the value of Bitcoin today is trading with negative marks, dragging other major currencies down the line. At the time of writing, the average trading volume of Bitcoin counts $63,648,604,014, declining with 0.48 percent over the past 24hrs.
Image Source – https://coinmarketcap.com/currencies/bitcoin/
In contrast to Bitcoin, Berry is not in favor with other digital tokens. In his view, most of those cryptocurrencies will fall since he doesn’t find any potential value as Bitcoin has. Additionally, he viewed Bitcoin as it is in the ‘race to be digital gold’.
“As far as I’m concerned bitcoin has won the race to be digital gold,” said Silbert. Continuing that, he says; “I’m convinced that whatever money is in gold is not going to stay in gold, that gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.” Silbert Said
Also Read: Is It #BUIDL That Will Decide Next Amazon of Cryptoworld or Most Cryptocurrencies will die?
Talking about ICO, Silbert appreciates the move that SEC is following to curb activities of these tokens. He says that many ICO offerings don’t hold value and are just launched to raise money. Additionally, he thinks that there are no tokens with real-use cases. He said;
“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said. “The vast majority of what’s out there will be eliminated.”
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com