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Barry Silbert, founder, and CEO of venture capital firm and incubator Digital Currency Group (DCG), recently called out BlackRock CEO’s remarks about low institutional interest in cryptocurrencies. Talking at CNBC’s Fast Money, he noted that over 56% of the $250 million raised by Grayscale Investments (a DCG subsidiary) came from institutional investors only.

Earlier on Wednesday, July 18, he spoke at the Delivering Alpha 2018 conference in New York, where he showed optimism about Bitcoin prices. Silbert noted:

“I think we’ve probably hit bottom for the year. I actually put some money into bitcoin last week … As an asset class, it is here to stay … I’m 100% confident a decentralized, non-fiat form of money is here to stay.”

Explaining why he thinks the bottom is here, he noted at CNBC’s Fast Money that a lot of institutional investors were looking for the bottom so that they could get in the market. He also said:

“I think the bears just ran out of energy… ran out of bitcoin to sell… And I think from a technical perspective it’s starting to look pretty good.”

He also believes that remarks from Fed Chair Jerome Powell and co-founder and co-chairman of Oaktree Capital Management Howard Marks stopped making an impact on Bitcoin prices, which is a positive, bullish sign.

Silbert recounted his journey as a Bitcoin investor, starting in 2012 when the price was just $10. He suggested that his investments have witnessed two corrections of 80%. The latest one is a 65% correction. The old criticism from the Securities and Exchange Commission and Federal Reserve (about cryptocurrency being used in illegal activities by criminals, money launderers, tax evaders, etc.) still prevails. He thinks that anybody who studies the asset class will become a believer.

Silbert commented on the current market interest of institutional investors. He talked about one of DCG’s companies, Grayscale Investments, which recently released its first-half report. The company raised over $250 million to date, of which 56% came from institutions. He also highlighted that such interest was nonexistent in the past two years.

Institutional investment is slowly coming in, but the crypto industry will need custody solutions. In a Wednesday tweet, he proved that BlackRock CEO Larry Fink is wrong about institutions’ low interest in the digital asset market. He wrote, “CEO of BlackRock says there is ZERO institutional interest in crypto,” and then explained how the Grayscale report proves otherwise.

July 16: CEO of BlackRock says there is ZERO institutional interest in crypto

July 18: @GrayscaleInvest publishes the 1H 2018 Digital Asset Investment Report, which highlights that 56% of $250 mm raised to date came from institutional investorshttps://t.co/H1ZuHEOP79

— Barry Silbert (@barrysilbert) July 18, 2018

DCG CEO Barry Silbert Calls Out Blackrock, Says the Fund Is Wrong About Institutional Investment was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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