Digital Currency Group CEO says most cryptocurrencies will fail, but bitcoin is still king

105338385 1531943699693barry2.530x298

A bear market could be just the beginning of the pain for most cryptocurrencies, according to one widely followed industry expert. Barry Silbert, CEO and founder of Digital Currency Group, said besides bitcoin the majority of the once blazing hot crypto market will eventually be worthless. "I'm not a believer in the vast majority of digital tokens and believe most will go to zero," Silbert told CNBC in a phone interview following its quarterly call with investors. The rise in initial coin offerings helped bring the industry's market capitalization to more than $800 billion at the start of last year, according to Bitcoin made up roughly 50 percent of that total, with its price climbing to nearly $20,000 in December 2017. Amidst the buying mania, Initial coin offerings, or ICOs, became a popular way to raise money from eager retail investors. But they often touted a project that wasn't…

Read the original article here