In a telephone interview with CNBC, Barry Silbert, managing director of the Digital Currency Group and Grayscale Investments, said the digital currency (bitcoin) has already won the race for a digital gold. "I bought betcuen for $ 10, I do not believe in the vast majority of digital couplings and I think most will go to zero," said Silbert, who had since bought bitcoin. According to CoinMarketCap, Silbert believes that the vast majority of them are worthless. The ICO boom in 2017 triggered a wave of new money projects, most of which were neither a tangible product nor a roadmap. Many of them were kidding. Virtually all ICO operations were just an attempt to raise money, and no base store was used. The vast majority of existing digital currencies would be canceled, allowing for the emergence of ICOs Betquin's market dominance rose from 80% to just 33%. The rise in the ICO has reduced the market value of the digital currency market to $ 800 billion. bitcoinis slowly regaining control and could prove to be the right one. Recently, in another interview, Silbert announced that the ICO boom was over.
bitcoin won the race for digital gold
Silbert, with more than $ 400 million in digital currency, says his unique asset is to replace gold as a store of value. With a limited number of existing biotechnologies and no link to traditional markets. Therefore, the most commonly used digital currency has always been described as a digital version of the precious metal. In his interview with CNBC, Silver said gold's dominance would disappear if younger millennium investors replaced birth. "When the wealth passes to the next generation, it is housed at home."
"I am convinced that everything in gold will not remain in gold, but in the responsibility of the millennial generation, and I am very confident that much of this investment will go to bitcoin."
This does not mean that other digital currencies can not be found next to bitcoin. Silbert believes that it is possible to conduct empirical work with other functions such as private currencies and intelligent contract platforms.
Selbert holds 1% of all existing bitcoin
Silbert has already put his money in his mouth. Where his investment firm, Grayscale, bought the bacon on the down market. According to Deyaar, a specialist in digital money market research, the company now owns more than 1% of all bitcoin shares listed on the market for its shareholders.
Grayscale also offers investment products in several other currencies, including Bitcoin Cash, XRP and Stellar Lumens. Other digital currencies may not be excluded.
The Silver Digital Group is investing heavily in Pitcullin's infrastructure. It has investments in Coinbase, Circle, Blockchain, Blockstream and others.
For other digital assets, the company has few alternative digital currencies, including Ethereum, Classic, Filecoin and Zcash.
Silbert is optimistic about Pitcullen's description of digital gold and sees the interest of institutional investors in this direction. Is it time to forget about the alternative digital currency market and the general trend towards bitcoin?