An important signal came from Barry Silbert, founder and CEO of Digital Currency Group (DCG). Sharing on Twitter, the CEO hinted that the all-time peak in Bitcoin could be passed soon.
“When Bitcoin reaches an all-time high, Twitter will be very annoying,” said the CEO, whose post quickly received thousands of likes.
Twitter is going to be so annoying when bitcoin hits an all time high
— Barry Silbert (@BarrySilbert) October 10, 2021
So what makes this post so important?
DCG is a big group, including Grayscale. Grayscale, on the other hand, is a giant whale that is the gateway for institutional investors to Bitcoin and cryptocurrencies and currently holds 650 thousand Bitcoins.
We believe that the statements of Silbert, who is the head of such a large fund, should not be taken lightly.
Because Silbert likes to give such implicit messages. We saw a similar situation after the big crash in May.
At that time, when many analysts were saying that “this is an ordinary correction coming to $100,000”, Silbert gave a tacit signal that the decline would continue by expressing that the investors who remained inside became long-term investors.
After this sharing, the 3-month downward trend in cryptocurrencies continued. Considering that many altcoins have not yet reached their May peak, there are still many investors trapped inside.
Silbert is now signaling the future of ATH in Bitcoin. Time will tell if he will be right again.
*Not Investment Advice.