Most Digital Tokens ‘Will Go to Zero’ Says Digital Currency Group CEO

CEO and founding father of Digital Currency Group and Grayscale Investments, Barry Silbert, stated that he’s “not a believer in the vast majority of digital tokens…”

Barry Silbert, CEO and founding father of Digital Currency Group and Grayscale Investments, stated that almost all of digital tokens is not going to have worth in the long term, CNBC experiences on Feb. 13.

In a purported telephone interview with CNBC, Silbert stated “I’m not a believer within the overwhelming majority of digital tokens and I consider most will go to zero.” He added that, “Almost each [initial coin offering] initial coin offering was simply an try to lift cash however there was no use for the underlying token.”

ICOs skilled a growth in late 2017– early 2018, which was adopted by a bust as costs dropped and state and federal regulators cracked down on initiatives that have been operating afoul of securities legal guidelines.

Earlier as we speak, Cointelegraph reported that knowledge from CoinSchedules exhibits that initial coin offering valuations are all the way down to ranges simply above these seen in January 2017. The knowledge exhibits that final month, $291.6 million was raised by means of ICOs, which is round 19 instances lower than the $5.eight billion raised in March final yr.

Despite his bearish views on initial coin offering tokens, Silbert nonetheless stays optimistic about Bitcoin (BTC), wherein he was reportedly an early investor. While Bitcoin has “a very ugly technical chart” in Silbert’s opinion, it has “won the race to be digital gold.”

Mike Novogratz, a former Goldman Sachs accomplice and founding father of crypto service provider financial institution Galaxy Digital, stated as we speak that Bitcoin is exclusive amongst cryptocurrencies. In regard to Bitcoin’s use as a possible retailer of worth, Novogratz stated:

“There’s 118 components on the periodic desk, and just one gold […] Bitcoin goes to be digital gold, a spot the place you’ve gotten sovereign cash, it’s not U.S. cash, it’s not Chinese cash, it’s sovereign. Sovereignty prices lots, it ought to.”

Silbert’s Digital Currency Group is one among a number of nations that fashioned the Blockchain Association, the purported first lobbying group representing the blockchain business in Washington D.C. Other founding members of the group embody cryptocurrency trade and wallet service Coinbase and know-how startup Protocol Labs.

Original supply: https://cointelegraph.com/news/most-digital-tokens-will-go-to-zero-says-digital-currency-group-ceo

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