May 20, 2019 09:30 UTC
May 20, 2019 at 09:30 UTC
Barry Silbert Says Bitcoin’s Ongoing Recovery is Quite Different Than 2017 Bubble
Barry Silbert, the CEO of Greyscale Investments is quite bullish on the current Bitcoin market trends and also said that the ongoing recovery after the 2018 bear markets is nothing like 2017. Silbert in his recent interview noted that the recovery of Bitcoin from $1,000 to $8,000 has been quite phenomenal, which is quite different than the bubble-like behavior in 2017.
The crypto market has been bullish since the beginning of the year, however from the start of April, the price movement has been nothing sort of extraordinary as Bitcoin and most of the altcoins made double-digit gains, broke key market resistance, and the trading volumes have jumped to all-time highs as well.
While many analysts believed that the market would see another bottom before the bulls take charge, however as has been the case of unpredictability with the crypto market, the current uprise does not seem to care about the bottom whenever it arrives. Silbert says that the main reason for such a bullish sentiment can be attributed to current market sentiment, price technicals and the significant improvement in infrastructure. He explained,
“You have custodians now, [in addition to] trading and compliance software,” said Silbert. Investors are more educated about the asset class so this time it’s different.”
Grayscale Investments is a digital asset management firm which has been making great strides in bringing the digital asset management to the institutional investors. Recently, the firm also launched a massive marketing campaign urging institutional investors to drop gold for Bitcoin for a much better return.
The current bullish trends have surely everything indicating for an uprise, however, the 2018 crypto winter has made many cautious with their predictions about the prices since most of the price predictions for 2018 fell flat. This is the main reason most of the analysts are careful about their price predictions in the short term, however, almost everyone is quite certain about Bitcoin prices touching all-time highs in the long term.