During a recent conversation on "The Journeyman" podcast with financial expert Raoul Pal, Digital Currency Group founder Barry Silbert stated that 99.99% of cryptocurrency tokens are worthless.
"Over the last…13 years since I first bought Bitcoin…I've always been intellectually curious about everything else that's coming out of our space. I think, for the most part, 99.9% of crypto tokens that are out there have no reason to exist and are worthless," he said.
Silbert has noted that his bar for getting excited about something is "really really high."
The "crypto king" remains bullish on privacy tokens of the likes of Zcash despite their downfall.
"People are going to realize financial privacy is important to them…there's a version of Bitcoin that's private," he said.
Tomiwabold OlajideSilbert says that he started buying Bitcoin when the largest cryptocurrency was trading at roughly $7 back in 2011. He initially thought that he was a genius for buying the nascent cryptocurrency, but he then briefly thought that it was a waste of money after the price crashed.
After the price of Bitcoin started surging again, he decided to invest in the companies that were building out infrastructure surrounding Bitcoin. Notably, Ripple was one of the companies that Silbert chose to invest in. The entrepreneur was making his investments in crypto.
"Had I just held on to the Bitcoin, I actually would have done better than making those investments," he said.
Vladislav Sopov
Dan Burgin