Barry Silbert of Digital Currency Group Believes Bitcoin’s Bear Market Winter Is Ending
- Barry Silbert believes that the surge in crypto asset prices is a sign that the winter is ending.
- Tone Vays contradictorily believes that the surge is due to inside capital and that the crypto winter will continue.
As the cryptocurrency market has evolved, it has already gone through some bearish and bullish trends. For 2018, the bear market took over, creating a “crypto winter,” but there are many people who say that the recent rallies of Bitcoin are an indication that the crypto winter is ending, like Barry Silbert. Silbert, the founder and CEO of Digital Currency Group, recently spoke with Bloomberg Technology of June 11th, expressing the cyclical nature of Bitcoin.
Explaining, Silbert told Bloomberg Technology that Bitcoin naturally experiences ups and downs in a pattern, which he believes is an indication that the crypto prices are meant to continue rising. The crypto investor discussed how the price dynamics of Bitcoin have been, in recent years, “quite a roller coaster,” considering that the price has taken an 80% to plummet four times in the last eight years, though it has reached all-time highs as well.
Considering these details, along with the surge in the market in 2019 so far, Silbert said that the current market “looks like, perhaps, we are coming out of a crypto winter and we’ve entered a crypto spring.” The executive added that there is a recent increase of institutions in the market, which shows that Bitcoin has come a long way since the bull market of 2017 after nearly reaching $20,000. Bringing attention to initiatives from traditional institutions, like Fidelity’s Bitcoin custody offering, Silbert explained that the contrast since 2017 is “really night and day.”
Earlier in 2019, Silbert said that he believes that the majority of digital tokens won’t be holding onto their value over time. He added that nearly every initial coin offering (ICO) that has been launched was
“just an attempt to raise money but there way no use for the underlying token.”
Tone Vays, a current researcher on blockchain and a former executive with JPMorgan, recently made comments that appeal skeptical that the crypto winter is over. In a stark contrast to Silbert’s opinion, Vays believes that internal capital was the primary support for the recent surge in crypto prices, which is not as confidence-inducing as the idea that external money is coming in.
According to recent data from CoinMarketCap, Bitcoin is presently priced at $8,161.73, rising by 3.72% in the last 24 hours. Most altcoins in the top 100 cryptocurrencies have seen gains in the same timeframe.