Barry Silbert news

Founder & CEO of Digital Currency Group.

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Barry Silbert of Digital Currency Group and Grayscale Predicts Most Crypto Coins Will Go to Zero

The cryptocurrency bear market has been relentless lately, and the failures of the industry have left it open to substantial criticism and pessimism. CEO and founder of Digital Currency Group, Barry Silbert, is among the many that believe that there will be no value found in many digital assets that are presently in the market. According to CNBC, the interview took place over the phone when Silbert said, “I’m not a believer in the vast majority of digital tokens and I believe most will go to zero. Almost every [initial coin offering] ICO was just an attempt to raise money, but there was no use for the underlying token.” ICOs were at the height of their popularity towards the end of 2017 and the beginning of 2018, marking one of the biggest rises and falls of the market thus far. Many regulators at both state and federal levels started buckling down on their regulations, specifically for projects that were ignoring securities laws. Information collected from CoinSchedules reveals that the current valuation for ICOs is back to where it stayed in January 2017, way before the rise and fall of Bitcoin. Last month, ICOs were responsible for raising $291.6 million. Though millions of dollars are nothing to scoff at, it is significantly smaller than the $5.8 billion that ICOs raised in March last year. Even though Barry Silbert is clearly anti-ICO, his stance on Bitcoin is much more positive. Reports suggest that he was an early investor, despite having a “really ugly technical chart.” However, he added that Bitcoin has “won the race to be digital gold.” Founder of Galaxy Digital, Mike Novogratz, commented today on the uniqueness of Bitcoin amongst all of the other altcoins. Speaking on the potential to be used as a store of value, Novogratz said of Bitcoin, “There’s 118 elements on the periodic table, and only one gold […] Bitcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.” The Digital Currency Group is one of the multiple companies that are responsible for developing the Blockchain Association. This is allegedly the first lobbying group in Washington, D.C. to represent blockchain technology and the industry. Coinbase, a crypto exchange and wallet service, and Protocol Labs, a tech startup, are both founding members of the Blockchain Association team.
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Barry Silbert: ‘Bitcoin Has Won The Race To Be Digital Gold’

“The vast majority of digital tokens… will go to zero,” Digital Currency Group CEO, Barry Silbert told CNBC. However, he is still “as bullish as he has ever been” on Bitcoin, despite the current bear market. Losing The Dead Weight Silbert confirmed that he is “not a believer in the vast majority of digital tokens,” referring to 2017’s ICO craze. On the back of the media frenzy around Bitcoin and all things crypto, the flood of ICOs took the industry’s market cap to over $800 billion. But he believes that most of these tokens will eventually be worthless. 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. Silbert applauded the crackdown on ICOs by the Securities and Exchange Commission, agreeing that most tokens were illegal, unregistered securities. Barry ‘Bullish as Ever’ on Bitcoin When it comes to Bitcoin, however, Silbert said he is “as bullish as he has ever been.” As an early investor, he has already seen bitcoin come through two bear markets, followed by full recoveries. Part of the reason for this bullishness is based on his belief that Bitcoin 00 will unseat gold as a safe-haven asset. He said that “as far as I’m concerned bitcoin has won the race to be digital gold.” Younger investors don’t hold gold in the same hallowed view as their parents. $30 trillion of baby-boomer wealth is due to be passed on over the next two decades. Silbert thinks that of the proportion of this which is in gold, much may be converted into bitcoin. …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. When Bottom? Silbert is highly invested in the entrance to the market of institutional investors, through his asset management firm, Grayscale Investments. He believes that in 2019 the infrastructure for that to happen will finally be in place, and when it is, prices will “snap back hard.” Do you agree with Silbert? Share your thoughts below! Images courtesy of Shutterstock, Bitcoinist archives The post Barry Silbert: ‘Bitcoin Has Won The Race To Be Digital Gold’ appeared first on

Barry Silbert: Bitcoin Cash Hard Fork Was An Industry “Disservice”

Since the Bitcoin industry entered late-October, there has been an auspicious rise in search queries for the cryptocurrency, in spite of the downtrend that shocked crypto-centric investors worldwide. As reported by Ethereum World News, per Google Trends, the “Bitcoin” query has risen to a four-month volume high. The search term, “Bitcoin Cash,” also saw a notable explosion in volume. Tom Lee and Mati Greenspan, two industry savants, both commented on this trend, with the former calling the statistic “interesting,” while the latter noted that “we’re back.” And interestingly, mainstream media outlets have picked up on this renewed trend, recently covering the cryptosphere incessantly and through a variety of different mediums. CNBC, for one, recently began to call upon the executives, analysts, and researchers in the cryptosphere to make appearances on their television segments, which have become fairly infamous for their (sometimes inaccurate) coverage of Bitcoin. Last week, they brought on Barry Silbert, the man behind crypto-centric conglomerate Digital Currency Group (DCG), to speak on the current state of cryptocurrency affairs and its potential future. Bitcoin Cash Hard Fork Was An Industry “Disservice”  Discussing an industry hot topic, Silbert, who owns/manages stakes in this industry’s foremost startups, noted that the Bitcoin Cash debacle, which hasn’t even come to its final head just yet, is a distraction for investors. Elaborating on this point, clearly indicating that he isn’t a big fan of the fracas, but remains a Bitcoin proponent, the DCG chief noted: The fork is a distraction. The industry did itself a real disservice, but let me give you the other side of that — if Bitcoin emerges as the winner, it will have been battle-tested, as it has been challenged by competitive cryptocurrencies and internal development strife. Silbert: Death Of ICOs, Ethereum (ETH) Sell-Off, And Crashing Stocks Prompted The Crash Drawing the conversation back to this budding industry’s flavor of the month — the dismal market conditions — Silbert did his best to reason why Bitcoin, coupled with its altcoin brethren, underwent a jaw-dropping sell-off that caught investors with their pants down, as it were. He first explained that crypto’s largest investors are funds/groups with asymmetric risk appetites. Silbert added that these funds often hold positions in high-risk, often-tumultuous technology stocks, coupled with cryptocurrency holdings. So, seeing that lines that can be drawn between the recent sell-offs seen in equities and crypto, it is apparent that the macro market has been proding Bitcoin investors. The DCG head, one of the crypto industry’s foremost entrepreneurs then drew attention to the ICO market, which has been beaten and bashed by an SEC crackdown recently. Keeping in mind that ICOs primarily catalyzed 2017’s monumental bull run, the fact that “ICO market is completely unwinding” has evidently been a bearish catalyst for crypto assets. Further speaking on this purposed factor, he explained that as ICO-funded tokens have collapsed, startups have sought to liquidate their war chests, which were primarily filled with Ether to stay financially afloat, Last but not least, he noted that crypto hedge funds are finally seeing their first redemptions, putting further selling pressure on the cryptocurrency market, presumably through Bitcoin sell orders. Title Image Courtesy of Marco Verch on Flickr The post Barry Silbert: Bitcoin Cash Hard Fork Was An Industry “Disservice” appeared first on Ethereum World News.
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Ravencoin Grows 20% And Continues to See RVN Token Surge in the Crypto Market

There are several altcoins that are registering interesting growth rates in the last weeks. This time, Ravencoin (RVN) was able to pump once again over 20% in just 24 hours. Although Bitcoin keeps being traded sideways, there are some altcoins that are behaving very positively. Ravencoin Spikes 20% Ravencoin was able to grow 20% and […]
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Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report

Bitcoin [BTC] Futures were thought to be a snippet of the overarching cryptocurrency market, though meager in comparison to the larger spot market. A recent report from Bitwise Asset Management, the crypto-centric investment firm has stated otherwise. In a March 20 report presented to the United States’ Securities and Exchange Commission [SEC], Bitwise analyzed the Chicago Mercantile Exchange [CME], and the Chicago Board Options Exchange, with ten prominent cryptocurrency exchanges’ in terms of their trade volume. Prior to shedding light on their Futures versus Spot findings, it must be noted that the report revealed that 95 percent of the trading volume of unregulated exchanges were seemingly “fake and/or non-economic wash trading”. Taking into account this disparity, the percentage of futures volume to their spot equivalent increases from 1.51 percent to 33.33 percent. Reported Spot volume totaled $6 billion, but after removing the “suspicious exchanges”, the actual volume recorded dropped to $273 million, in comparison to the futures market volume of $91 million. Furthermore, the increase in futures’ volume as a percentage of the spot market has been steadily increasing. From November 2018 to January 2019, the futures market was just over 15 percent, and almost doubled in February 2019 to 33 percent. Since the Futures contracts were approved in December 2017, only on two occasions did the Futures volume, in comparison to the Spot market, shoot above 20 percent; this was in May and August 2018. Futures Volume expressed as a percentage of their Spot Equivalent In terms of their stand-alone trade volume, the CME and the CBOE are in good stead against the world’s top cryptocurrency exchanges. The daily volume the CME, which brings in $84.82 million, ranks second behind Binance’s $110.5 million and ahead of Bitfinex, which records $38.06 million in daily trade volume. The CBOE also fairs well, taking the ninth spot on the ladder, ringing in $6.12 million in daily trade volume. Gemini takes the eight spot with $8.11 million and itBit caps off the top-10 with $5.58 million in daily volume. Notable, among the top-12, eight exchanges are registered within the United States. Despite the CBOE’s comparative success against the spot exchanges’, it has not been performing well against its cross-town rival, the CME. This slump forced the CBOE to delist their Bitcoin Futures [XBT] for March 2019. However, the XBT futures that are yet to expire later in the year will not be off-loaded prematurely. Bitwise also points out that the CME Futures Price tracks the Global Spot Price based on an arbitrage model. Given below is a chart attesting the same: Arbitrage between the CME Futures price and the global Spot price The post Bitcoin [BTC] Futures in good stead against its Spot equivalent: Bitwise Report appeared first on AMBCrypto.

How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval

The SEC has held the ETF approval for Bitcoin and Cryptocurrency for a couple of reasons. The most significant reason for the same has been the unregulated marketplace. While decentralization in Bitcoin is an attribute that makes it an ideal asset class, the market places or Exchanges that provide for conversion of FIAT to Cryptocurrency is still controlled by independent entities. A recent report by Bitwise Asset Management published by the SEC inferred that more than 95% of the cryptocurrency volume is being faked. Hence, according to that, the ‘actual spot volume’ on cryptocurrency exchanges is a little above $270 million. Moreover, the reported volume of CME and Cboe Bitcoin Futures is more than one-third of the ‘actual spot volume’ estimated by Bitwise. According to Bitwise Asset Management, This is good news because it means CME— a regulated, surveilled market— is of material size, which important for an ETF. The case of a Bitcoin ETF Approval Now CME Bitcoin Futures reported a spot trading volume of $85 million. Moreover, according to Bitwise Asset Management, the actual trading volume of the Crypto-to-FIAT Exchanges is around $273 million. Hence, according to this statistic the Futures Trading Volume of CME alone accounted for 31.1% of the ‘Actual Exchange Volume.’ Moreover, there are other Bitcoin Futures market active in Europe and Japan as well. Hence, going by the above statistic, it can be said that the institutional investment might be in parity with the unregulated investment in Bitcoin. However, the Exchanges have reported total spot volumes total to the tune of $6 billion. This can necessarily raise doubts on its demand being higher than $100 billion. However, it does not directly affect the total market capitalization of a cryptocurrency.   Parity Between Spot Trading of Bitcoin and Gold The spot trading volume of Gold is 0.55% of its total market capitalization, while according to Bitwise statistics spot ‘actual spot trading on Bitcoin is 0.39%. If the CME Futures volume is included in this data, the percentage will increase to 0.51%. The OTC trading volume on most exchanges is also not added in the Exchange Data. All this suggest that the institutional investment in Bitcoin is considerably more significant than one expects. It is not only healthy in volume but also agrees statistically with the closest relatable asset class, i.e., Gold. Hence, a new form of informational mechanics for the trading of Bitcoin and Cryptocurrency in regulated Exchanges could alleviate the doubts around the Bitcoin ETF approval.   The post How Cryptocurrency Trading Volume Fiasco Can Lead to Bitcoin ETF Approval appeared first on Coingape.

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA

Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. […] Cet article Top 5 Crypto Performers Overview: ONT, ADA, ETC, BCH, IOTA est apparu en premier sur Bitcoin Central.
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