2019 Bitcoin (BTC) Rally Will Be Bigger Than In 2017, Digital Currency Group’s Barry Silbert Affirms
2019 Bitcoin (BTC) Rally Will Be Better Than In 2017, Digital Currency Group CEO Affirms
Barry Silbert, known as the CEO and founder of the Digital Currency Group (DCG), is currently one of the most important venture capitalists in the crypto market today. He has recently affirmed that the current Bitcoin rally is certainly very different from the one we saw two years ago.
The prominent venture capitalist affirmed that there is a noticeable advancement in the infrastructure of Bitcoin today. According to him, there are more trusted custodial solutions than ever and this allows a very special kind of investor, the institutional ones, to be able to participate more in the market.
The Recovery Of Bitcoin Is Only Beginning
This year, Bitcoin has, just like it did in 2017, outperformed all the other more traditional indices and investments, like S&P 500, considered one of the best assets to have. The token grew 96% against the USD so far.
However, it should be noted that BTC is far away from its all-time high, which was achieved in 2017 when the price of the asset skyrocketed to over $20,000 USD. Now, BTC is around $7,200 USD, decreasing from the $8,000 USD mark, which the token achieved recently.
According to Silbert, the price recovery of the tokens and the peak of $8,000 USD were fundamental to differentiate this current bull market from the one which happened two years ago.
He affirmed that both sentiment and technicals currently look awesome for the market. The market has certainly capitulated and the market is getting more used to how this all works.
Also, there was a clear bubble in 2017 while today things are fairly different. The market has grown and became more stable and you have several custodians, trading bot software and people are more educated and less naive. This time, he affirmed, things are different.
For instance, most of the volume that the market achieved in 2017 was reported as fake. Fake volumes exist up until today, as Bitwise Management has recently revealed that 95% of all the market volume in BTC is fake of inflated.
The hype surrounding this emergent market, together with unreliable market data basically put major investors in fear of missing out (FOMO) mode. This year, however, the market is getting considerably more reliable than it was before.
Groups like the Intercontinental Exchange (ICE), Fidelity Assets, CME Group and TD Ameritrade are in the market now. Most of these groups will deal directly with institutional investors, so they will certainly become more comfortable in the market, too.
The TD Ameritrade executive VP Steven Quirk, during Consensus 2019, affirmed that over thousands of the clients of the company are somewhat invested in cryptos. Everybody is now. Cryptos may slowly but finally reaching a more mainstream audience. As soon as the door is open, Quirk affirmed, people will come in, this bull market will be way better than the last one.
As a comparison, you should know that Fidelity Digital Assets recently affirmed that 22% of its institutional investors are dipping their toes in Bitcoin and other cryptos. The team also affirmed that a survey revealed that at least four in every ten clients were open to the idea of starting crypto investments in the future.
Will The Bull Run Continue?
While Bitcoin had a flash crash recently due to a major sell movement after it reached the $8,000 USD price, prices went up again and now they are around the $7,200 USD mark, which is considerably high, considering the first three months of the year.
As both the technicals and the sentiment are pretty good right now, it is widely believed that there is the chance of major developments of the token on the short to medium term range.