Bought more Bitcoin By Digital Currency Group's Silbert, and says it has 'hit the bottom for the year'



Digital Currency Group's Barry Silbert is optimistic concerning bitcoin as an investment.

"I think we’ve probably hit the bottom for the year. I actually put some money into bitcoin last week," he said at the Delivering Alpha Conference in new york on wednesday. “As an asset class it is here to stay … I’m 100 confident a decentralized, non-fiat form of money is here to stay.”

The price of bitcoin is presently trading at $7,380 wednesday, down nearly 60 percent in value since it rose higher than $19,000 in mid-December.

Circle's Jeremy Allaire, who also spoke at identical session on cryptocurrency, believes blockchain will serve as the foundation of recent technology innovations.

"This may be a new infrastructure layer of the internet. It's progressing to replace what operating systems do," Allaire said. “It is the future of the internet ... This simply isn’t about digital gold.

Silbert is the founder and chief executive officer of Digital Currency group. The firm invests in the bitcoin and blockchain trade, backing more than 120 companies in 30 countries including Coinbase, Ripple, BitPay and Circle.

Allaire is the co-founder and chief executive officer of Circle, a cryptocurrency-trading firm backed by Goldman Sachs and Baidu.

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