Barry Silbert Believes Bitcoin Cash Fork Is Distracting And Splintering The Crypto Community
Digital Currency Group’s Founder Barry Silbert has taken a position on the bitcoin cash fork, sating that it was a “disservice” to the industry. Silbert also appeared on CNBC “Squawk Box” to elaborate on the fork and the factors that could be influencing bitcoin’s depreciation.
On the segment, Silbert responded to the presenter’s question on his thoughts regarding the fork. Silbert stated, “Distraction. The fork is a distraction.” He also agreed that the fork was harmful to the industry. On a bright note, he also mentioned that he believes that the competition generated by the fork may be beneficial for bitcoin.
“If Bitcoin emerges as the winner, it’s been battle tested. It has been challenged by competitive cryptocurrencies, it’s been challenged by internal strife . . . Whether it’s called Bitcoin Cash or Ethereum or Zcash, whatever it may be. Whatever is the winner down the road, they will have earned that spot.”
The interview also touched upon factors influencing bitcoin’s current price. Silbert explained that the decline is related to tech stock prices, capital flowing into the cryptocurrency space, and that investors are less interested in traditional tech stocks. Silbert also mentioned that the ICO bubble burst may be a factor.
“What we’re seeing right now is the complete unwind of the ICO market. I think what propelled the price to highs late last year with this ICO frenzy. The ICO market is dead. Over.”
Silbert continued that many projects have been able to raise funds and as a result, have been cashing out. As a result, there has been a great deal of selling and pressure to sell. An exacerbating factor is that crypto funds are also receiving requests from investors to redeem.
“There has bee a major shakeout across the board, but what I have seen over the past few weeks are deeper pools from institutions are not starting to get involved with the space. They are starting to lean in.”
Silbert concluded the interview by stating,
“All we can do is look past performance – bubbles and corrections. This is the fifth, sixth, or seventh time this has happened and we’re used to it. We view it as a fantastic opportunity.”