Barry Silbert, CEO and founder of and Grayscale Investments, said that the majority of digital tokens will not have value in the long run, CNBC on Feb. 13.
In a purported phone interview with CNBC, Silbert said “I’m not a believer in the vast majority of digital tokens and I believe most will go to zero.” He added that, “Almost every [initial coin offering] was just an attempt to raise money but there was no use for the underlying token.”
ICOs experienced a boom in late 2017– early 2018, which was followed by a bust as prices dropped and state and federal regulators on projects that were running afoul of securities .
Earlier today, Cointelegraph that data from CoinSchedules shows that ICO valuations are down to levels just above those seen in January 2017. The data shows that last month, $291.6 million was raised through ICOs, which is around 19 times less than the $5.8 billion raised in March last year.
Despite his bearish views on ICO tokens, Silbert still remains optimistic about ₿itcoin (), in which he was reportedly an early investor. While ₿itcoin has “a really ugly technical chart” in Silbert’s opinion, it has “won the race to be digital “
, a former partner and founder of crypto merchant bank , today that ₿itcoin is unique among cryptocurrencies. In regard to ₿itcoin’s use as a potential store of value, Novogratz said:
“There’s 118 elements on the periodic table, and only one gold […] ₿itcoin is going to be digital gold, a place where you have sovereign money, it’s not U.S. money, it’s not Chinese money, it’s sovereign. Sovereignty costs a lot, it should.”
Silbert’s Digital Currency Group is one of several countries that the Blockchain Association, the purported first lobbying group representing the industry in Washington D.C. Other founding members of the organization include cryptocurrency exchange and wallet service and technology startup Protocol Labs.
Published at Thu, 14 Feb 2019 02:00:00 +0000
