Digital Currency Group CEO Barry Silbert believes Bitcoin will still be the king of cryptocurrencies in years to come, despite predicting that “most altcoins will go to zero.”
In an interview with CNBC, Silbert, who is also the founder of Grayscale Investments, claimed that aside from Bitcoin, the cryptocurrency market will eventually be worthless.
“I’m not a believer in the vast majority of digital tokens and believe most will go to zero,” Silbert said.
His comments come in light of a gruelling bear market that has seen the value of many cryptocurrencies fall more than 95%.
Speaking to Bloomberg, Galaxy Digital CEO Mike Novogratz described the bear market as an “example of how painful popping bubbles can be.”
The comments from both Novogratz and Silbert echo much of the same sentiment, with a general consensus in the cryptocurrency space being that the hype around ICOs has now subsided, and that much of the hope and euphoria surrounding Initial Coin Offerings has now, for the most part, left the space.
— Mary Catherine (@mcwellons) September 27, 2011
“Almost every ICO was just an attempt to raise money, but there was no use for the underlying token,” Silbert added.
“The vast majority of what’s out there will be eliminated.”
However, in spite of the ICO landscape looking increasingly derelict, Silbert remains “as bullish as I’ve ever been” on Bitcoin.
Silbert goes on to admit that while Bitcoin is showing “a really ugly technical chart,” there’s high levels of interest from institutional investors.
“As far as I’m concerned, Bitcoin has won the race to be digital gold,” Silbert concluded.
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