Back

Barry Silbert Indicates Main Difference Between 2017 and 2020 Bullish Rallies

Is it still early? Or is the 2020 rally a special one? Here's what DCG founder has to say

article image
Cover image via www.instagram.com

Barry Silbert, CEO and founder of Digital Currency Groupa conglomerate of many blockchain-oriented services including Grayscale and Coindeskhas compared the ongoing Bitcoin (BTC) rally with the 2017 euphoria. Here's why institutional interest may be very far from being the key difference.

2017 run was unexplainable

Silbert highlighted that his personal feelings do not resemble his feelings in 2017. Prominent investor and analyst Tuur Demeester, the author of the "Bitcoin Reformation" theory, asked him the main reason for this.

Barry Silber explains why 2017 is different from 2020
Image via Twitter

Silbert noted that, in 2017, nobody knew why crypto prices were rocketing. This phenomenon was totally inexplicable to the general public.

Ads
Ads

In 2020, the situation changed, and an upsurge of digital asset prices can be reasonably explained by the profound trends.

Meanwhile, no reporters have contacted Mr. Silbert over the past month, he claims. This fact is "interesting" to him since their ignorance is "great."

It is still very early

Silbert shared this take after the impressive announcement by his most popular project, Grayscale Investments firm. This entity provides investors with exposure to crypto markets, eliminating the need to purchase crypto tokens directly. 

Today, Nov. 17, it was announced that Grayscale managed to allocate 500,000 Bitcoins (BTC) to its Bitcoin trust:

Grayscale Bitcoin Trust now holds more than 500,000 $BTC. Yes, you read that right.

Peter McCormack, influential crypto podcaster, commented in a semi-ironic manner that Silbert "bought all the Bitcoins" due to the aggressive buying policy of his Grayscale trusts.

At the same time, Dan Heldthe growth leader at Kraken top-notch crypto exchangesupposed that it is too early for massive FOMO in crypto markets:

It really hasn't even gotten started yet.

Besides Bitcoin (BTC), Grayscale Investments offers its clients shares of Ethereum, Ethereum Classic, Litecoin, XRP, Bitcoin Cash, Horizen, Stellar Lumens and ZCash trusts, as well as of "Digital Large Cap," a unique integral investment product.

The fastest way to get crypto news is to follow our Twitter. You won’t miss a thing! Subscribe.

article writer image
Vladislav Sopov

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)