Has Bitcoin hit the bottom for the year? Digital Currency Group’s Silbert explains 18656
News
Pinaz Kazi
Jul 19, 2018 at 3:17 PM

The member of the Digital Currency Group, Barry Silbert, recently said that Bitcoin has hit the bottom for the year.
His firm invests in Bitcoin and Blockchain industry, backing over 120 companies in 30 countries including Coinbase, Ripple, BitPay and Circle.

Silbert who is himself a huge advocate for cryptocurrencies is optimistic about investing in Bitcoin. In fact, he said at the Delivering Alpha Conference in New York on Wednesday that he has put money into Bitcoin last week, CNBC reported. He said, “As an asset class it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

See also: Three Bitcoin mining firms become China’s first crypto unicorns

Allaire, the co-founder and CEO of Circle, a cryptocurrency-trading firm backed by Goldman Sachs and Baidu, believes that it’s here to stay 100%. He is pretty confident in the decentralized network, and that non-fiat is the money of the future. His statement comes soon after Bitcoin crossed the $7,000 mark on Wednesday. However, it is down by almost 60 percent in value since it rose to $19,000 in December, 2017.

He further added that blockchain technology is going to serve as the main platform for the series of new technological advancements that will release in future. Reportedly, a new framework happening on the internet and it is going to take over what is already happening. It is to become the future internet. It’s not just about virtual currency or digital gold, it’s about advancing the internet altogether.

See also: Bitcoin vs. Ethereum: Which one has more upside potential? Hedge fund firm provides opinion

"This is a new infrastructure layer of the internet. It is going to replace what operating systems do," Allaire said. “It is the future of the internet ... This just isn’t about digital gold.”

In other news, a New York-based hedge fund firm thinks that Bitcoin has more upside potential in comparison to Ethereum. The second largest cryptocurrency according to market capital has been given a thumbs down by Tetras Capital.

Image via Shutterstock

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