'Almost all digital tokens will go to ZERO'

17 Feb, 2019 | Updated: 17 Feb, 2019
by Joeri Cant
Bitcoin
'Almost all digital tokens will go to ZERO'

Barry Silbert, the CEO and founder of Digital Currency Group and Grayscale Investments, is convinced that almost all of the cryptocurrencies will eventually hit ZERO.

The CEO told CNBC, that he is not a believer in the vast majority of cryptocurrencies.

'I believe most of them will go to zero', he said.

He continued by saying that almost all ICO offerings were just an attempt to raise money, 'but there was no use for the underlying token.'

Read more: Will we see Bitcoin bottom at $2,000 or $1,000?

As an early investor in Bitcoin, and despite his bearish views on all other cryptocurrencies, Silbert remains optimistic about Bitcoin.

'While Bitcoin has a really ugly technical chart. It has won the race to be digital gold.'

'There’s 118 elements on the periodic table, and only one gold. Bitcoin 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', he concluded.

According to Silbert, younger investors won't hold the same perspective to gold as their parents did. $30 trillion of wealth is about to be handed over to the next generation, and he thinks much of that gold may be converted into bitcoin.

'Whatever money is in gold is not going to stay in gold. That gets handed down to millennials. I’m highly confident a lot of that will go into bitcoin.'

Read more: What does Bill Gates have to say about Bitcoin?

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Read more about: Bitcoin (BTC)

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