The head of Digital Currency Group, Barry Silbert, believes that the cryptocurrency market is subject to cyclicality, and the recent growth of quotes speaks in favor of completing the so-called cryptowinter. He stated this in an interview with Bloomberg Technology.
Silbert compared the bitcoin price movement to the roller coaster, pointing out that it had already fallen more than 80% four times and always recovered to a new maximum. Based on these data, he said that cryptowinter, which began in 2018, came to an end.
At the same time, Silbert added that institutional investors are already actively involved in the cryptocurrency market thanks to regulated custodial solutions, which was not so close in 2017, when the price of Bitcoin reached a historic high of $ 20,000.
Earlier, Silbert claimed that most digital tokens would disappear, since they are not used at all.
In early May, Grayscale Investments, part of the Digital Currency Group, launched the #DropGold campaign and released video ads, urging investors to take a sober look at the advantages of the digital era and recognize that gold as a store of value is now inferior to bitcoin.