Barry Silbert Says Bitcoin has Found Its 2018 Bottom
Bitcoin has found its 2018 bottom according to Barry Silbert, the CEO of Digital Currency Group, a company with the likes of Coinbase, Kraken, Coindesk and Ledger in its extensive investment portfolio. Bitcoin’s lowest point this year so far was about $5,900, where it was briefly trading on June 29. In a recent appearance on CNBC, Silbert mentioned that he has been investing in Bitcoin since 2012, which makes him no stranger to massive corrections such as the one the cryptocurrency market experienced this year.
One of DCG’s companies, Grayscale, has published a report of the first half of 2018 in which they say that 56% of the $248 million invested into their products came from institutional investors. The rest was invested by accredited individuals (20%), retirement accounts (16%) and family offices (8%).
Silbert said his current priority is to create an infrastructure that would allow institutional investors to get involved in crypto:
While Silbert is very bullish on Bitcoin and a small selection of other cryptocurrencies, he believes there will only be a few winners in the crypto space and that the vast majority of existing coins are »going to zero«. This position is reflected in Digital Currency Group’s balance sheet, which consists of 50% Bitcoin, 25% Ethereum Classic, 15% Zcash, 5% Decentraland and 5% ZenCash.
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