99% of Cryptocurrencies are “Overpriced”, Says DCG Group CEO

The Founder and CEO of Digital Currency Group (DCG), Barry Silbert has revealed his bearish views on social media that almost all cryptocurrencies are overpriced.

99% of Cryptocurrencies are “Overpriced”: Barry Silbert of DCG

In response to a tweet from Bloomberg’s Joe Weisenthal that inquired if cryptocurrencies were overpriced generally or “just a bunch of sh*tcoins that have no business being where they are?”, CEO of Digital Currency Group (DCG) replied that almost 99 percent of cryptocurrencies are “overpriced.”

You think cryptos are overpriced generally or just a bunch of sh*tcoins that have no business being where they are?

— Joe Weisenthal (@TheStalwart) June 14, 2021

Being one of the early investors in cryptocurrencies, Silbert went on to found two of the most widely known enterprises in the crypto industry, Grayscale Investments, and Digital Currency Group.

Grayscale is most well known for its flagship Bitcoin investment trust, while DCG provides seed funding for blockchain-related companies.

Earlier this year, Silbert stepped down from his role of CEO at Grayscale and was replaced by the firm’s Managing Director, Michael Sonnenshein.

Silbert left the position in order to concentrate on his role at DCG, which saw massive growth in 2020.

Half of the Millennial Millionaires Have 25% of Wealth in Crypto

A survey by CNBC and Spectrum Group which polled 750 investors with at least $1 million in investable assets showed that nearly half of all millennial millionaires (47%) have at least a quarter of their wealth (25%) in cryptocurrencies.

At the same time, almost 35% have more than half of their wealth invested in cryptocurrencies.

In contrast, older millionaires have only 10% of their wealth in cryptocurrencies with 83% having no investment in digital assets at all.

While 98% of baby boomer millionaires say they do not own or consider owning an NFT, nearly half of millionaire millennials have revealed owning NFTs.

A third of those polled believed that NFTs are merely a “passing fad” while the rest believe they are part of the future of digital assets with an additional 40% saying they have considered investing in them.

In addition, two-thirds of millennial millionaires think that NFTs “is the next big thing.”