Barry Silbert, head of Digital Currency Group, continues to believe in Bitcoin’s great future, but questions the long-term prospects of most existing cryptocurrencies and digital tokens, saying in an interview with CNBC that they will all be worthless in the future.
“I don’t believe in most digital tokens and I think that they will go to zero. Almost all ICOs were an attempt to attract money, but the tokens underlying them are not used at all , ”he said.
At the same time, Barry Silbert is convinced that Bitcoin, despite the current “terrible schedule”, enjoys great interest from institutional investors and “won the fight for the title of digital gold”.
According to him, the new generation of investors no longer sees gold as a “safe haven”, and the money that is now in gold will be converted into cryptocurrency.
“I am sure that the money that is now in gold will not stay there for long. Millennials will enter Bitcoin, ”he said.
Barry Silbert believes that the buy and hold strategy is fully justified, although it is still difficult to say exactly when large institutional money will go into Bitcoin. Nevertheless, he noted, at the beginning of 2019, all the necessary infrastructure for this was already in place, listing the upcoming launch of the Fidelity custodial solution and investment opportunities such as the Bitcoin futures platform Bakkt .
When the mood among major investors changes, Bitcoin is waiting for serious and aggressive growth, Silbert added.
His words were largely consonant with the latest statement of the head of Galaxy Digital Mike Novograts, who believes that, thanks to institutional money, the price of Bitcoin will reach $ 8,000 this year.
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