Of course what Silbert is referring to is the end of the so-called ‘crypto winter’. He is a senior executive at the Digital Currency Group (DCG) a major American blockchain venture capital group.
He gave his views in an interview with Bloomberg Technology on 11th June. He referred to the cyclical nature of the ups and downs of major cryptocurrency bitcoin (BTC), which allegedly means that the recent surge of crypto prices would only continue. Silbert is well known as a cryptocurrency investor and he specifically pointed out that bitcoin’s price dynamics have been “quite a roller coaster,” with its price having dropped 80% four times since 2011 only to hit another all-time high afterwards. Based on this — combined with the recent surge of the markets after a massive bear market of 2018 — Silbert stated that it “looks like, perhaps, we are coming out of a crypto winter and we’ve entered a crypto spring.”
Silbert also highlighted the fact that more of the larger institutions have become involved with crypto since the 2017 rally. He pointed to big institutional crypto initiatives, such as the upcoming bitcoin custody offering by Fidelity, saying that the institutional involvement of 2017 compared to the current interest of institutions is “really night and day.”
Not everyone shares his optimism. Tone Vays, the former JP Morgan executive, is unconvinced that the crypto winter is over. Vays has argued that the recent spike in crypto prices was mainly supported by internal capital, which he considered shaky in comparison with external money coming into the space.