“Almost every ICO was just an attempt to raise money but there was no use for the underlying token,” Silbert said in a recent phone interview with CNBC. “The vast majority of what’s out there will be eliminated.”
Silbert also pointed to the ever-increasing ICO regulatory scrutiny as a major driver of value destruction for most tokens moving forward.
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While Silbert believes the technicals of Bitcoin’s chart are still ugly, he notes that he’s never been more bullish on the largest digital asset.
“As far as I’m concerned bitcoin has won the race to be digital gold,” Silbert added. “I’m convinced that whatever money is in gold is not going to stay in gold. That gets handed down to millennials — I’m highly confident a lot of that will go into bitcoin.”
Time will tell whether Silbert will begin funneling all of his altcoin holdings into Bitcoin, or if he does, in fact, see a future where certain altcoins can co-exist with digital gold.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.