The head of the Digital Currency Group (DCG) Barry Silbert believes that the "winter" in the cryptocurrency market is over. In a conversation with Bloomberg Technology on July 11, Silbert drew attention to the cyclical nature of the ups and downs of Bitcoin . The entrepreneur believes that the current growth of the cryptocurrency market will continue.
Silbert compared the dynamics of the Bitcoin market to a roller coaster – since 2011, the rate of cryptocurrency has fallen four times by 80%, but has always updated the previous maximum after that.
“It looks like we are leaving the crypto-winter and are entering the crypto-spring,” he said, pointing to the rapid price increase that replaced the bear market in 2018.
Silbert also drew attention to the growing involvement of institutional investors, the level of which, according to him, does not go to any comparison with what we could observe during the rise in 2017. “It's like night and day,” he said, citing as an example the custodial service for storing the cryptocurrency of the American financial company Fidelity Investments.
The entrepreneur also heads Grayscale, a digital asset management firm, whose business in the context of attracting institutional investors has been doing much better lately.
On Wednesday evening, Bitcoin resumed growth and reached a local peak of about $ 8,200.
Altcoins followed the largest cryptocurrency:
- Litecoin for the last day increased by 9% and overcame the level of $ 140,
- Binance Coin scored 7%,
- Cardano – 12.5%.
Publication date 12/06/2019
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