Barry Silbert Believes Crypto Springs Has Officially Arrived

Barry Silbert who is the founder and CEO of Digital Currency Group stated that the crypto spring has arrived and that many institutional investors are expected to join the market. More on his opinions we read in our coming altcoin news.

Bitcoin managed to increase to more than 115% in the first half of this year and it even established a year-to-date high in May. Despite the drop, the hard ground below bitcoin was not shaken in the long-term at least this is what Silbert believes. He told Bloomberg that crypto spring is here and that we should believe a person who has been here since 2011. He stated:

“[We’ve] been through quite a roller coaster. Price has gone down 80% four times. But in the past four times, the price has hit record highs afterward. And so if you look at the price for bitcoin, it looks like perhaps we’re coming out of the crypto winter and we’ve entered the crypto spring.”

According to Barry Silbert, the market is responding positively to the demand from venture capitalist and institutional investors and he also pointed out that none of the previous price levels of Bitcoin are rallying with the same optimism:

 “If you compare the infrastructure today relative to where it was right before the last bitcoin bull market in 2017, it’s really night and day. And so now the question is not if institutional money is going to move into the asset class, but the question is really when.”

In retrospect, the increasing demand for Bitcoin tokens that was recorded in 2017 was mainly because of the ICO mania. People used to buy cryptocurency and use it as a tool to invest in crypto and blockchain startups. After 90 percent of them failed, the people started recovering their losses by selling the bitcoins they previously purchased.
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This move brought the price down by more than 75 percent in 2018. Silbert, however, noted that the market has now moved away from the ICO mania.

As noted in one of the best cryptocurrency news sites, one of the biggest asset management firms Fidelity Investments announced back in May that it will roll out a bitcoin trading service only for institutional clients. This year, the Bitcoin market cap reached $145 billion.