Barry Silbert, an early Bitcoin investor and Founder & CEO of Digital Currency Group suggest, Bitcoin price has found its bottom. Bitcoin price $7336.4 +0.11% saw an unprecedented rise July 17, spiking with more than 10 percent in around 45 minutes.
While giving an interview on CNBC, Bitcoin advocate Barry Silbert linked increase with the fact that a lot of people were actually looking for a bottom, which according to him, is already in.
“A lot of people were looking for the bottom,” he said. “A lot of institutional money with dry powder looking for an opportunity to get in and I think the bears just kind of ran out of energy, ran out of Bitcoin to sell.”
He also added that Bitcoin price is starting to look pretty good “from a technical perspective.” He finds it particularly positive that criticism from key figures fails to impact Bitcoin price at all:
When the chair of the Fed says negative things about Bitcoin, and Howard Marks says negative things about Bitcoin, and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think that’s a really bullish sign.
Crypt currencies is here to regain its higher peak
He also re-confirmed his bullish statement on the current development on the crypto currencies in the recent Digital Asset Investment Report released by GrayScale investments. It expressed that the rate of investment in crypto currencies, especially in Bitcoin increased rampantly in the first two quarters of 2018, despite the drop in price. Grayscale managed to raise a total of $250 million YTD with 56 percent coming from institutional investors.
Silbert see the remaining half of 2018 to have “some consolidation” while expecting the next year as a “big year”. He also notes that the infrastructure for institutional investments is getting closer to being laid down. According to Silbert, Custodial solutions such as those recently announced by Coinbase will play an important role in paving the way for institutional money.