ICO market is dead, but it will not be an obstacle to the inevitable growth of the cryptocurrency industry, says the founder of criptionveterinary Fund Digital Currency Group is Barry Silbert (Barry Silbert).
The TV channel CNBC, he noted that the initial frenzy of offers coins in 2017, fueled the rise of prices in bitcoin, but now the ICO market collapsed, and this resulted in the mass sale.
“The market ICO is dead, really. Now you have a lack of demand from ICO, and you have all these sponsors that raised a bunch of bitcoin and Ethereum, which they are now starting to sell,” said Barry Silbert.
In his opinion, the volatility of the cryptocurrency market is an inevitable growing pains that accompany any new development. To see the future, you need to look at past bubbles and corrections, he added.
“Now that we have 5th, 6th or 7th time. The first couple of times, when you see that your balance falls to 80%, it’s a bit difficult to digest. But by the third or fourth — you get used to it. And now I can see this as a fantastic opportunity,” said Silbert.
He stressed that now is changing in ways that do not relate to daily fluctuations in the cryptocurrency market — industry-have begun to engage institutional investors.
“What is happening without publicity is the establishment of companies to build the infrastructure to serve a new category of investors, which I believe will happen in 2019. It is institutional investors. So backstage no one was detained,” — said the founder of the DCG.
We will remind that earlier the report of the audit company “Big four” of KPMG, it was stated that for realizing the potential of cryptocurrencies to the industry should join institutional investors. Now the market awaits the launch of cryptocurrency platform Bakkt ICE company — operator of the new York stock exchange. We also learned that Nasdaq may launch in the first quarter of next year futures on bitcoin.
What happened to the mining market you can read here.