Barry Silbert, a senior executive at major American blockchain venture capital firm Digital Currency Group (DCG) believes “crypto winter” is likely over.
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In a recent interview with Bloomberg, Silbert stated bitcoin’s price has been “quite a roller coaster,” with its price declining 80% four times since 2011 only to achieve a new all-time high afterwards.
Basing his prediction on this, along with the recent surge, Silbert says it “looks like, perhaps, we are coming out of a crypto winter and we’ve entered a crypto spring.”
With the upcoming bitcoin custody offering by Fidelity, along with other large institutional crypto initiatives, Silbert stated current institutional involvement is “really night and day” compared to 2017.
Earlier this year, Silbert stated most initial coin offerings (ICO’s) are “just an attempt to raise money but there was no use for the underlying token,” predicting a great deal of crypto projects will lose value long term.
Tone Vays, a former JPMorgan executive and current cryptocurrency researcher has opposed Silbert’s views, stating the recent positive price action was maining caused by internal capital.
Currently, bitcoin (BTC) is priced at $8,110.06, up 1.60% in the last 24 hours, according to CoinMarketCap.com.