CryptoWatch: Barry Silbert says bitcoin put in its 2018 low, but 99% of cryptos are worthless

Barry Silbert, the chief executive officer of the Digital Currency Group, on Wednesday said that while he was extremely optimistic about the long-term prospects of bitcoin, as well as the broader cryptocurrency industry, a huge amount of new entrants seemed headed for zero.

Speaking at CNBC’s Delivering Alpha conference, he said that bitcoin BTCUSD, -0.07% had hit its lows for the year, adding that he had invested more in the world’s largest digital currency last week as prices were hovering near their nadir or 2018.

Still, thus far this year, bitcoin has dropped 45%, and it last traded slightly under $7,400.

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