Despite the fact that the ICO market is currently dead, this will not hinder the inevitable growth of the cryptocurrency industry, said founder and CEO of Digital Currency Group, Barry Silbert.
Speaking on CNBC , Silbert said that the hyip around ICO in 2017 stimulated a rise in Bitcoin prices, but now the market has collapsed, and this has led to a massive sale.
“The ICO market is dead. Now there is a lack of demand for ICO, and there are all these sponsors who have raised a bunch of bitcoins and Ethereum, which they are now starting to sell. There are also all these crypto funds that have attracted funds, and now they need to pay, ”said Barry Silbert.
In his opinion, the lack of stability in the cryptocurrency market is an inevitable growing pain accompanying any new phenomenon. To see the picture in a more global perspective, you need to look at past bubbles and corrections, says Silbert.
“Now this is our fifth, sixth or seventh time. The first few times, when you see your balance falling by 80%, it is a little difficult to digest. But by the third or fourth time you are getting used to it and can consider it as a fantastic opportunity, ”said Silbert.
He also believes that at the moment there are changes that are in no way connected with the daily fluctuations of the cryptocurrency market – institutional investors are starting to participate in the industry.
“What happens without much publicity is the creation of companies for building infrastructure that allows them to serve a new category of investors. These are institutional investors, and I think that everything will happen in 2019, ”Silbert added.
Earlier, BitMEX CEO Arthur Hayes gave a very negative outlook regarding the prospects for the 12 largest ICO projects that collected more than $ 50 million and their tokens after entering the secondary market.
Follow BlockchainJournal on Twitter !
BlockchainJournal.news
