Market Expert Slams the Industry: “Almost All Cryptocurrencies Are Worthless”

In a recent appearance on the podcast The Journeyman, Barry Silbert didn't hold back when sharing his views on the crypto landscape.

In a recent interview on the podcast The Journeyman, market expert Barry Silbert shared his blunt assessment of the cryptocurrency industry, warning that almost all cryptocurrencies are fundamentally worthless.

For someone who's been following Bitcoin since its early days, his perspective offers a unique insight into the rapid evolution of the crypto landscape.

Having joined the market when Bitcoin was trading at around $7, Silbert has witnessed both the highs and lows of the cryptocurrency industry. His journey began with an interest in Bitcoin and its potential to revolutionize the financial system.

However, as the industry expanded, Silbert's enthusiasm for blockchain projects began to wane. He grew skeptical of the new tokens and projects that were flooding the market.

"I think 99.99% of the tokens that people are creating today don't need to be created," Silbert stated bluntly.

Despite his involvement in the industry for over a decade, Silbert admitted that his interest in new projects is easily piqued. He remains intrigued by the concept of financial privacy, which he believes will become a primary concern for people in the years to come.

"Privacy in money isn't dead," he noted, reflecting on the enduring relevance of privacy coins like Zcash, even as their popularity has fluctuated.

As the interview progressed, Silbert recounted his early days investing in Bitcoin, which he initially saw as a "genius move." However, his enthusiasm was dampened when the price of Bitcoin crashed, briefly making him doubt his investment.

Instead of selling, Silbert decided to focus on investing in companies that were building infrastructure around the crypto space. Among his early picks was Ripple, which he saw as a promising project with the potential to connect banks.

Looking back, Silbert realized that simply holding onto his original Bitcoin investment would have yielded better returns than his portfolio of early crypto startups.

"I would have been better off financially if I had just bought Bitcoin and put it in cold storage and never sold it or touched it or used it, and just waited 10 years," he admitted.

Despite the impressive gains of Bitcoin, Silbert's investments in startups like Ripple and Vivid Money had a broader impact on the ecosystem, which seemed to hold more interest for him.

While he's skeptical of the current altcoin mania, Silbert's conviction in Bitcoin and in the broader need for financial autonomy remains strong.

His journey through the crypto market offers a valuable perspective on the industry's enduring themes and the ideas that continue to drive innovation in the Web3 space. As the market evolves, the question of which trends will stand the test of time and the role of new technologies in shaping the future of finance remain central to the conversation.

Stay tuned for more updates on the latest developments in the cryptocurrency market.