The return of the bear to the cryptocurrency market has been met with much trepidation by investors and users as the prices have fallen back to the trend of moving sideways. The price drop has also had an adverse effect on the market momentum as the capital coming into the market has declined.
During this period, some proponents of the space have come forward to support the crypto market, especially Bitcoin [BTC]. The latest official to speak for the largest cryptocurrency has been Digital Currency Group CEO, Barry Silbert. He was of the opinion that most cryptocurrencies will fail but Bitcoin is still king. In a recent interview with CNBC, Silber stated:
“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. The vast majority of what’s out there will be eliminated.”
The elimination that Silber was referring to is in connection with the measure taken by the Securities and Exchange Commission of the United States of America. Silber teen applauded the SEC’s decision of making the founders of cryptocurrency company’s register with the regulatory body. Despite his cynicism about the market, he has claimed that he is “as bullish as ever” about Bitcoin. In his words:
“As far as I’m concerned bitcoin has won the race to be digital gold. 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 was also of the opinion that Bitcoin’s use case as a buy and hold commodity is proven and should be promoted. The CEO further added that 2019 will see an influx of capital from institutional investors which will propagate the market.
Institutions like Fidelity and ICE have already jumped on the cryptocurrency bandwagon and added on to Silbert’s point of view. According to the Digital Currency Group official, as and when the investor sentiments start changing, Bitcoin’s price “will snap back hard”. He concluded by saying that:
“There are certain institutional investors that have put money to work and many more are considering it. Until now they wanted to make sure they’re not catching a falling knife.”