Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments, said in CNBC interview, that most hot cryptocurrencies besides bitcoin won’t survive in the long run.
“I’m not a believer in the vast majority of digital tokens and believe most will go to zero. 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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As bullish as he has ever been
Silbert said he is “as bullish as he has ever been” on bitcoin. He is an early investor in cryptocurrency. He remembers times when bitcoin had 96% of the market. He lived through multiple price plunges and every time bitcoin not only survived, but it has also thrived.
Bitcoin recently celebrated 10 years and it is his third time when it went 80% down. The most recent bounce hasn’t reach clear bull run yet.
Interest from institutional investors
Barry Silbert said there’s still a high degree of interest from institutional investors, even though the current price of Bitcoin.
Digital Currency Group is very active in blockchain investments. The company owns Grayscale Investments, the largest digital currency asset management firm.
“There are certainty institutional investors that have put money to work and many more are are considering it,” Silbert said. “Until now they wanted to make sure they’re not catching a falling knife.”
Bitcoin is a new gold
“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert said.”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.”
Millennials don’t see gold as safe and valuable as their parents. $30 trillion of baby boomer wealth is going to be handed down in the next 20 years. Some of it will be definitely will go into bitcoin.